Global Arab Network | Attacks on oil pipelines - Yemen on verge of economic catastrophe

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Attacks on oil pipelines - Yemen on verge of economic catastrophe

Global Arab Network - - Gamal Ragay

Monday, 09 May 2011 10:26

Attacks on oil pipelines - Yemen on verge of economic catastrophe

Global Arab Network - Yemeni caretaker Minister of Oil and Minerals Amir Salim Al-Aydarus warned against an imminent economic catastrophe due to the ongoing unrest and the recurrent bomb attacks on oil pipelines.

"The acts of sabotage on the pipeline in Wadi Ubaida, Ma'rib Governorate, north Yemen, hampered the flow of oil since mid March and undermined the trust of investors in the country," the minister said in a briefing to the House of Representatives here.

"Several oil companies have quit the country and the refineries in the southwestern governorate of Aden came to a standstill a week ago," Al-Aydarus revealed.

He admitted that the caretaker government is unable to discharge its missions regarding meeting the basic needs of the people according to the constitution.

The minister said the engineering teams failed to fix the pipeline since the last blast to the inability of the security services to ensure safety on the roads to Ma'rib, affirming that "it is a security problem in the first place." The Yemeni economy relies on the revenues from the oil and gas resources of Ma'rib which account for 50 percent of the country's GDP.

"If the problem persists, the government will be unable to meet the minimum needs of the citizens. The situation will pose a catastrophe beyond imagination," Al-Aydarus made clear.

Based on his remarks, the House of Representatives decided to call in all cabinet members for a parliamentary debate aiming to find practical solutions to the growing shortage of gas, oil and oil byproducts; no date was set for the debate so far.

Global Arab Network

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