Yemen Regains $ 45 Million from Total Company

Source: Yemen News Agency 4/9/2013, Location: Middle East

The Ministry of Oil and Minerals has Regained $ 45 million for the benefit of the state from the French company Total. In a statement to Saba, Minister of Oil and Minerals Ahmed Abdullah Dares pointed out that after a round of negotiations between the Oil Ministry and the French company Total , it was agreed on Monday in the Swiss capital Geneva to restore the amount of 45 million U.S. dollars.

He added that the restoration of this amount comes according to the commercial arrangements in the past years with the company to supply Yemen with quantities of oil derivatives at the end of the year 2011 and this did not happen at the time so it was agreed on restoring the amount , in addition to the amount of $ 37 million that already has been settled, which brings the total amount restored from the company to $ 83 million.

The French company Total is one of Yemen's key partners in the liquefied natural gas project ,as well as its work in a number of oil exploration and production sectors.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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