Friday, March 4, 2011

Amid Growing Unrest, Yemen Plans to Increase Strategic Fuel Reserve

Sana'a- Mar 4, 2011- Yemen plans to buy 150000 tons of petroleum products from prompt market this month within its efforts to increase its strategic fuel reserve in a precaution against possible shortages amid growing unrest sweeping the region.
Najeeb Al-Auj, Executive Director of Aden Refinery Company, told Reuters that the company, which runs the strategic fuel reserve in the country, has already bought 40000 tonnes of diesel from Vitol this week for a price increase of $ 1.90 per ton from the Gulf reference price.
The price was suitable and Yemen should increase its fuel reserve amid this changeable situation in the region, he said.
In the meantime, the company, whose daily capacity reaches 150000 barrels, has called international companies to express interest in bidding as it plans to buy 40000 tonnes of benzene, 75000 tonnes of diesel and about 35000 tonnes of high-sulfur fuel oil Yemen uses for power stations and in industries.
Source: Yemen Post

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