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SDRPY Signs Agreement to Supply Yemen with Oil Derivatives

SDRPY Signs Agreement to Supply Yemen with Oil Derivatives

Wednesday, 14 April, 2021 - 05:30
SDRPY Supervisor General Ambassador Mohammed bin Saeed Al Jaber gives a statement after the signing of the agreement in Riyadh. SDRPY

The Saudi Program for the Development and Reconstruction of Yemen (SDRPY) signed Tuesday an agreement with the Yemeni government to supply oil derivatives to operate more than 80 power stations.

At the signing ceremony, Riyadh was represented by SDRPY Supervisor General Ambassador Mohammed bin Saeed Al Jaber and the Yemeni government by Minister of Electricity and Energy Anwar Kalashat.

The agreement includes a grant of oil derivatives at a total of 1,260,850 metric tons, valued at $422 million, as a service to the Yemeni people to alleviate their suffering, support the economy in Yemen, and develop its infrastructure.

It comes as an extension of the generous support being provided by the Kingdom of Saudi Arabia for Yemen in all fields.

“The Saudi grant for Yemen aims to operate electrical stations to serve the Yemeni people, develop infrastructure, create job opportunities, contribute to improving services, support peace and promote hope,” Al Jaber said.

He stressed the grant will actively contribute to the recovery of economic and social life, especially as this will strengthen the financial position of the Yemeni government and help it fulfill its other obligations, which include paying salaries and wages to employees, and improving basic sector services.

Kalashat thanked the Kingdom for the continuous support for Yemen, describing the assistance to the energy sector as important and vital.

Salman Al-Hazimi, director of the oil derivatives project at SDRPY, said the grant comes as an extension of previous grants provided by the Kingdom to Yemen with an estimated total of $4.2 billion.

Al-Hazimi said the Saudi Program has put in place integrated governance to manage the grant and prevent its use for other than its operational purposes.

SDRPY will also work to follow up and supervise the procedures for directly reaching the beneficiaries, he added.

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