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$200m Saudi oil derivatives grant reaches Aden

26 Oct

The first installment of a Saudi oil derivatives grant worth SR752 million ($200 million) has arrived at the oil port in Aden Governorate, with 45,000 tons of diesel and 30,000 tons of mazut representing the Kingdom’s support to the Yemeni people.

It will contribute to the operation of 70 power plants, benefiting hospitals, medical centers, schools, government facilities, airports and ports. It will also enhance commerce and the economy of the region.

The reception ceremony was attended by the Yemeni Minister of Electricity and Energy Mana’a Yaslam bin Yamin, Minister of Planning and International Cooperation Waid Batheeb, and the Director of the Saudi Program for the Development and Reconstruction of Yemen office in Aden Ahmed Madkhali.

Bin Yamin said: “We are working in coordination with all concerned parties, and with the support of the SDRPY, with its engineers and specialists, as well as its offices distributed throughout Yemen, to benefit from the grant in rehabilitating and raising the efficiency of the electricity system in the Yemeni governorates.”

The grant is an extension of previous grants totaling $4.2 billion, which contributed to economic stability and strengthened the budget of the Yemeni government, raising the purchasing power of citizens.

The previous grant helped to provide electric power to all subscribers of the electricity company, amounting to 760,000 customers. The number of beneficiaries reached 9,837,044, from May 2021 to April 2022, and contributed to raising the revenues of the Public Electricity Corporation and saving 20 percent of the Yemeni government’s budget.

The Saudi oil derivatives grant forms part of aid via the SDRPY, which is responsible for 224 development projects and initiatives that it has implemented in various Yemeni governorates. Help has been provided in seven basic sectors: education, health, water, energy, transportation, agriculture and fisheries. Building the capacity of institutions within government and other development programs have also benefited.