NEW DELHI: The legitimate government in Yemen hopes to scale up its crude production to 110,000 barrels per day (bpd) in 2019, with exports touching about 75,000 bpd, the country’s oil minister said on Sunday.
The government of Abed Rabbo Mansour Hadi controls the southern port city of Aden and areas holding Yemen’s oil-and-gas fields. The Iranian-aligned Houthi group controls the capital Sanaa and the oil terminal of Ras Issa on the western coast.
Yemen’s oil output has collapsed since 2015 when the Arab-led military coalition intervened in Yemen’s war to try to restore Hadi’s government to power.
“We will maintain production from four blocks and are planning to build a pipeline to the Arab Sea (Arabian Sea) to resume exports from these blocks,” Aws Abdullah Al-Awd, Hadi’s oil minister, said in an interview.
The conflict has choked energy output and shuttered a key export terminal and pipeline.
Yemen produced an average of 50,000 bpd of crude in 2018 compared with around 127,000 bpd in 2014. Last year it exported some quantities of oil.
The country has proven oil reserves of around 3 billion barrels, according to the
US Energy Information Administration (EIA).
The oil minister said Yemen also wanted to resume production of LNG, which had been halted as a result of the conflict.
“Our country has been affected by the war for the past three years, but now things are coming back. Hopefully, 2019 will be good for Yemen,” he said.
He predicted that LNG output would rise in 2019 to 6.7 million tons and half of that amount would be exported.
“In 2020, we hope to export all of our LNG production, mainly to customers in Asia,” he said.
He noted that companies including Total, US-based Hunt Oil and Korean companies operate the LNG project.
Recovery in the pipeline as Yemen plans major lift in oil, LNG exports
Recovery in the pipeline as Yemen plans major lift in oil, LNG exports
- Yemen produced an average of 50,000 bpd of crude in 2018 compared with around 127,000 bpd in 2014. Last year it exported some quantities of oil
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
