Yemen’s Safer oil company resumes pumping to Arabian Sea terminal

Safer’s official said the company will use tankers to ship the crude from Iyad field (Block 4) to the Arabian Sea pipeline in Shabwa to avoid the Ras Issa terminal. (File/AFP)
Updated 16 October 2019

Yemen’s Safer oil company resumes pumping to Arabian Sea terminal

  • Yemen’s oil output has collapsed since after the Iran-backed Houthi militia overthrew the internationally recognized government
  • Yemen produced an average of 50,000 bpd of crude in 2018 compared with around 127,000 bpd in 2014

DUBAI: Yemen’s Safer oil company resumed pumping oil from its fields in Shabwa in southern Yemen to a terminal on the Arabian sea for export abroad, a company official told Reuters on Wednesday.
Safer, owned by the internationally recognized government of Yemen, is currently pumping at a rate of 5,000 barrels per day and expects to ramp up pipeline throughput to 15,000 barrels per day, the official said.
Yemen’s oil output has collapsed since after the Iran-backed Houthi militia overthrew the internationally recognized government of Abd-Rabbu Mansour Hadi in Sanaa.
Hadi’s government controls the oil-producing provinces of Shabwa and Hadramout, while the Houthi group controls the capital Sanaa and the oil terminal of Ras Issa on the Red Sea coast.
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.
Safer’s official said the company will use tankers to ship the crude from Iyad field (Block 4) to the Arabian Sea pipeline in Shabwa to avoid the Ras Issa terminal.

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KSE-100 remains bullish after IMF mission recommended second tranche for Pakistan

Updated 11 November 2019

KSE-100 remains bullish after IMF mission recommended second tranche for Pakistan

  • Statistics show the stock market has given a return of 14.10 percent since July 1
  • Analysts believe Pakistan’s external position is comfortable now

KARACHI: Pakistan’s KSE-100 index continued its bullish steak for eighth consecutive sessions as it surged by 2.24 percent on Monday, witnessing a spike of 825 points, in the wake of the recommendation issued by the International Monetary Fund’s Pakistan mission to release the second tranche of $450 million for the South Asian country that is still grappling with economic challenges.
The longest bullish spell in a year was witnessed at the Pakistan bourse following “easing political noise, MSCI emerging market status quo and IMF affirmations over the achievement of First Quarter Performance Criteria by good margins,” Ahsan Mehanti, senior equity analyst, commented.
After the first review of the overall economic performance of the country under the IMF’s $6 billion bailout program, the Fund on Friday declared that the Pakistani authorities had met all performance criteria with comfortable margins.
Following the performance review, Pakistan and the IMF reached a staff-level agreement that paved the way for the second tranche of $450 million that the country expects in December this year.
Analysts say that amid the bullish spell, the equity market’s benchmark KSE 100 Index has witnessed a surge of about 7000 points from its lows. They add that the stock market has given a return of 14.10 percent since July 1.
“The external position of Pakistan seems comfortable now. The political tension has also defused, national saving scheme (NSS) rate cut and IMF review have played a vital role in putting the market on an upward trajectory,” Samiullah Tariq, Director Research at Arif Habib Limited, told Arab News.
On Monday, the market volumes increased from 210.6 million to 283 million shares, contributed mostly by banks, cement firms and the technology sector.
Pakistan’s capital markets are said to be attractive for foreign investors who had spent $675 million in treasury bills (T-Bills) and $3 million in Pakistan Investment Bonds (PIBs) by November 11, 2018.
However, the equity market witnessed outflows of $30 million since July 2019, according to the State Bank of Pakistan (SBP) and AHL Research.
During the past eight sessions, the domestic equity bourse rose by 9 percent or 3,042 points.
Previously, the market had exhibited such a trend on November 2, 2018, when it shot up by 11.4 percent or 4,289 points.