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Company’s activities during the period May – Jun 2016

The Executive General Manager of the Yemeni Investment Company for oil and minerals (YICOM) together with a group of company’s leading staff in mid-March 2016, had held a meeting with the representatives of OMV company in Amman, Jordan, in order to discuss the possibility of treatment and transportation of crude oil from Aluqlah sector (S2) across the facilities and pipelines of sector (4) to the export jetty in Rudhum region, Shabwah governorate. The two sides had agreed to form a technical joint committee to visit the sector (4) for the purpose of viewing and inspecting the condition of facilities, as well as reporting needed equipments and facilities necessary to start the process of exporting crude oil. Therefore, it was agreed that the committee should submit its report as soon as possible, to enable the two sides to develop a common action plan for the coming period.
The Executive General Manager and his accompanying team had met during the period from May 9 to 11 with the representatives of the Korean National Ltd. Company-Yemen, in Kuala Lumpur, Malaysia, in order to identify an agreement on the legal obligations to be implemented by the Korean Company as a result of withdrawal from the agreement “to engage in a partnership” with YICOM Company. The two sides had negotiated several topics raised in the agenda of the meeting, but without reaching final agreement, therefore, it was agreed to hold a round of negotiations during the near future.
The Executive General Manager along with the General Director of the sector (4) had attended a meeting of the operating committee in sector (5) in Amman, Jordan, throughout the period from late May to early June, where many of the issues concerning the operations of sector (5) and production ceased during the past period had been discussed, and also suggested some proposals, such as reducing operating expenses during the coming period, as well as transporting crude oil from sector (5) across the facilities and pipelines of the sector (4) to be exported from Rudhum jetty, Shabwa. This in turn would restore the activity of oil production in the sector after long hiatus, as it was agreed by all partners to share the cost and operating expenses of Usilan power station, which provides services to the citizens throughout Wadi Bayhan area.
The General Director also had communicated and met with the subcontractors in sector (5), after hearing from the operator that problems had occurred during the war period, for that a meeting had held with them in Jordan and intervention had been occurred in order to find solutions to these problems that were suspended, despite the difficulty of dealing with the operator. It was agreed at the meeting in Jordan with sector (5)’s partners and the operator to form a team of YICOM and sector (5)’s partners, to study the issue of the transport of oil from sector (5) across the facilities of sector (4).