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Friday, Feb 03, 2023

Second batch of new Saudi oil derivatives grant arrives in Aden

The second batch of the new Saudi oil derivatives of 40,000 metric tons of diesel and 30,000 metric tons of diesel arrived at the oil port in Aden Saturday.
This new batch is part of the Kingdom's support to the Yemeni people under the directives of Custodian of the Two Holy Mosques King Salman and the Crown Prince to help Yemen provide oil derivatives to operate more than 70 power plants.

The new oil derivatives grant comes as an affirmation of the Kingdom's keenness to achieve security, stability, and development for the Yemeni people, the latest of which was a grant of $422 million, and was completed over a full year.

This grant contributed to economic stability, strengthening the Yemeni government's budget, and raising the purchasing power of the Yemeni citizen, and improved security conditions.

The previous oil derivatives grant provided by the Saudi Program for the Saudi Development and Reconstruction Program for Yemen (SDRPY) contributed to doubling the production capacity and reaching the target of 3119 gigawatt-hours during the operating period of the stations.

This is in addition to covering the needs of power stations in Yemen, and an increase in the percentage of electric power sales by 20% compared to previous years, while the total increase in collection amounted to 41% compared to previous years.

It also contributed to limiting the depletion of the Central Bank of Yemen in foreign currency reserves to purchase oil derivatives to generate electricity from global markets, by reducing fuel selling prices from international prices for electricity generation by 79% for diesel fuel, and 94% for kerosene.

Moreover, the previous oil derivatives grant provided electric power to all subscribers of the General Electricity Corporation, who reached 760,000 subscribers, with an average consumption of 37 kilowatt-hours per subscriber, while the number of beneficiaries reached 9,800,000.

The new Saudi oil derivatives grant contributes to the operation of 70 power plants, which is directly reflected in the operation of hospitals, medical centers, roads, schools, government facilities, airports, and ports.

It also enhances commercial and economic movement, which contributes to improving all aspects of life in the Yemeni governorates.

The Saudi oil derivatives grant is part of the support of the SDRPY, which has offered 224 development projects and initiatives across Yemeni governorates to serve Yemenis in seven main sectors: education, health, water, energy, transport, agriculture and fishery, and building the capacity of government institutions, in addition to other development programs.
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