Mitsui to acquire Yemen oil, gas concession
Source: BI-ME , Author: BI-ME staff
Posted: Tue March 3, 2009 12:00 am

YEMEN. Japanese trading house Mitsui & Co is set to acquire an interest in an oil and gas field in southern Yemen from Australian resources developer Adelphi Energy, it was learned on Friday.

The prospective deal, seen to be worth ¥400 million (US$4.1 million) will give Mitsui an 8.5% stake in an undeveloped area of the field. It will be the first time for the company to obtain a stake in a Yemeni oil and gas field.

Mitsui plans to conduct joint exploration with other companies, the sources said.

Since there is a field nearby that produces 100,000 barrels of crude oil per day, the area to be explored by Mitsui is seen to be promising, the sources said.

Mitsui is promoting oil and gas development in the Middle East. It has acquired concessions in Oman, Qatar and Abu Dhabi of the UAE.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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