Exiled former president of Yemen, Abdrabbuh Mansur Hadi is reportedly set to sign a document selling Yemen’s so-called “Black Triangle” oil sector to the Saudi Aramco corporation for the extremely low price of $5 billion, sources close to Hadi reported.
The sources told Yemen Press Agency on Saturday evening that a special meeting brought together the Saudi ambassador in Aden Mohammed Al Jaber with Hadi, the speaker of the exiled parliament and his senior advisers at the Ritz-Carlton Hotel in Riyadh.
The meeting discussed and approved the final value of the draft deal, which amounts to only 5 billion US dollars, in exchange for the monopoly of oil wealth in the eastern desert strip of Yemen’s Black Triangle being given to Saudi Arabia for 40 years.
More recently, the kingdom, which has been leading an aggressive war on Yemen for more than five years, has openly sought to spread out to several Yemeni oil and gas economic sites, and had taken over strategic areas and provinces, all within the framework of agreements signed earlier with Hadi’s government.
According to observers, this trend to control Yemen’s oil and gas wealth comes after Saudi Arabia secured full control of the Socotra archipelago and important strategic sites such as Mahrah province.
A leaked document issued by the Ministry of Oil in Hadi’s government on the terms of an agreement planned to be signed between Hadi’s government and the Saudi Program for the Development and Reconstruction of Yemen, shows that Saudi petroleum company Aramco is set to take over sectors of the so-called “Black Triangle” oil region in the eastern provinces of Yemen.
The area, located along the three provinces of Ma’rib, Jawf and Shabwah, would be taken over by Aramco for 40 years, according to the sources. This would basically amount to a complete takeover of Yemeni oil in the area by the foreign invaders.
Yemen’s oil reserves are estimated at 11.950 billion barrels, of which 4.788 billion barrels of oil can be extracted by primary and current methods.
Total oil produced as of December 2018, a cumulative production for all sectors since 2015, is estimated at about 2.9 billion barrels, while total gas inventories are about 18.283 trillion cubic feet.
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