CBY: Fuel import in 2014 first third costs up to $975m

GMT 19:09 2014 Saturday ,14 June

Arab Today, arab today CBY: Fuel import in 2014 first third costs up to $975m

Oil export pipeline
Sanaa - Saba

The State's expenditure on fuel import for domestic use increased by $90 million in the first third of 2014 compared to the same period in 2013, the Central Bank of Yemen (CBY) reported on Saturday.
Yemen spent $975 million to import fuel for domestic use during the period of January-April, according to a report issued by the CBY.
The report attributed the rise in import fuel costs to the repeated attacks on the main oil export pipeline from Marib province to the Ras Issa terminal on the Red Sea.
Sabotage acts caused a decline in oil production allocated for domestic consumption to 6.640 million barrels during January-April 2014 with a fall of nearly 360,000 barrels compared to 2013, the CBY data showed.
The import fuel bill is covered by the Central Bank from of the State's foreign exchange reserves, which have been edging down gradually during the last months.
During the first third of 2014, oil export sales slipped to only $597 million, while the revenues reached $910 million in the same period in 2013.


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