Oil Minister: aggression causes $ 45 Bln losses in oil, gas sectors



Minister of Oil and Minerals Ahmed Dares has confirmed the losses in the oil, gas and minerals sectors due to the US-Saudi aggression and blockade exceeded $ 45.5 billion.

In a press conference, the Minister said the Petroleum Exploration and Production Authority and Yemen liquefied Natural Gas (LNG) Company are among the oil installations that suffered major damage and economic losses due to the aggression over a period of six years.

He pointed out the losses also included a number of facilities, including the oil and gas companies and their subsidiaries, the Oil and Mineral Investments Company, the Oil Refineries Company (Marib Refineries), the Geological Survey and Mineral Resources Authority, the Seismic Monitoring Center, the Petroleum Training Center, and the Ministry’s building in the capital.

The Minister clarified the aggression controlled the oil sector deprived the state of 75 percent of the resources that used to supply the public treasury with hard currencies.

He stated the total value of Yemeni crude oil stolen by the aggression coalition from 2018 – 2020 reached over $ 5.6 billion, which went to the National Bank in Saudi Arabia. “This money would be enough to cover the salaries of state employers.”

He stressed the plunder of Yemen’s oil and gas resources by the aggression’s coalition countries is still underway at the moment, in addition, it refuses to allow oil ships to enter Hodeida port, aiming to double the suffering of Yemeni people.

Dares pointed out the Yemeni people incur heavy daily losses and financial penalties due to the continued detention of fuel ships which is estimated at about $ 22,000 per day, with a total of $ 29 million until March 20.

“The ships that were released by the aggression since the beginning of the year 2021 are only four ships, three of which are for the private sector.”

He indicated these ships do not cover the increasing need for oil to cover the service and vital sectors to ensure the continued provision of necessary services to citizens since the monthly need for oil derivatives in the free provinces amounts to 129,000 tons of diesel and 114,000 tons of gasoline.

The Oil Minister said the US-Saudi aggression coalition released in 2020 only 45 percent of the actual need of oil derivatives for the areas under the authority of the Supreme Political Council.

He stated the aggression blockade of the port of Hodeida caused a hike in transportation costs, in addition to the raise of a thousand riyal made by the mercenaries to the price of each gas cylinder, which is an additional cost that a citizen bears.

According to the Ministry, the aggression’s detention period of oil derivative ships exceeded 1500 days, with total fines exceeding $ 29 million. The Minister renewed the calls to the United Nations and the international community to put pressure on the aggression countries to release them to provide fuel for the vital and service sectors.