Sanaa, Beijing sign agreement on investments in oil sector

• 

The Sanaa Ministry of Oil and Minerals signed Saturday a memorandum of understanding (MoU) with the Chinese Antonoil oil company and a representative of the Chinese government to invest in oil exploration in Yemen.

The MoU was signed "after many negotiations and coordination with several foreign companies to convince them to invest in this field in light of the available investment opportunities and the advantages and facilities that investment companies will enjoy in this vital and important sector," the SABA news agency reported.

The Yemeni Oil Ministry warned foreign companies against dealing or concluding any contracts with the government of the Saudi-appointed Presidential Council.

Oil and minerals minister Ahmed Dares welcomed investment companies in the oil exploration sector in Yemen, underlining that he sought to offer facilities to push investors to come into the country.

Dares also called on companies seeking to invest in the field to go to Yemen and look into the options they have as well as the positive aspects of investing in the country.

"There are many ongoing negotiations with various high-profile companies to invest in the country's oil exploration sector," the Yemeni top official added. "There will be work to put the final touches on the signing of an MoU."

Moreover, Dares praised "the efforts of the Ministry of Oil and its endeavors to encourage investments in this vital sector, develop it, and utilize this wealth for the benefit of the country."

He also warned foreign companies against dealing with or signing any contracts with the Saudi-backed government in the country, also stressing the need for any and all oil companies working in Yemen to adhere to the agreements of nationalization and shared production that came out from the ministry of oil in Sanaa in 2018.

The agreement signed with China is of utmost importance to the government in Sanaa at a time when Yemen's oil wealth is being looted by the Saudi coalition and the United States.

Read next: How much oil was looted from Yemen during 2022?

Ansar Allah Political Bureau member Ali Al-Qahoum praised China in late April, saying it "emerged playing a pivotal role and making agreements that restore calm, peace, and diplomatic relations between the countries of the region."

Al-Qahoum believed that "the Saudi-Iranian agreement under Chinese auspices has positive repercussions between these countries at the internal and regional levels," pointing out that "China must retrieve its vital role in the region and end Western hegemony and the disruption of the stability and sovereignty of the countries of West Asia, the destruction of nations, and the ignition of strife and wars."

China has been taking on a constructive role in the region, developing its ties with Arab nations and developing regional ties. 

Antonoil

The Anton Oilfield Services Group is a leading oilfield technology service company that operates within the areas of geological engineering while featuring production increases, cost reduction, and integration.

Its business is international and its services are spread throughout the major oil and gas-producing countries, providing customers with a full range of products and technologies for oil and gas development. 

Antonoil was established in 1999 in China. In 2007, it was successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the first Chinese private oilfield technology service company listed there.

The company built its integrated service capability in 2013 and formed the service concept of increasing production, reducing cost, and integrating, and in 2017, Anton turned became a global enterprise with an international revenue share of 70%.

Anton is committed to the in-depth development of emerging oil and gas markets, and its services are spread throughout more than 30 countries and regions, including the Middle East, Africa, Central Asia, Southeast Asia, and Latin America, as well as China.