KSA gives Yemen $1 billion loan

Updated 03 May 2014

KSA gives Yemen $1 billion loan

Saudi Arabia, which co-chaired the "Friends of Yemen Group" conference in London on Tuesday, has allocated most of the $3.25 billion in aid it pledged to Yemen, a neighboring nation grappling with a host of challenges including terrorism.
"The Kingdom has deposited $1 billion in the Yemeni Central Bank in the form of a loan," said Abu Bakr Al-Qirbi, Yemeni foreign minister, who was speaking after the conclusion of the London conference on Wednesday.
In a statement released after the meeting, the group urged Sanaa to set out a clear timetable for a referendum on a new constitution and subsequent elections, as the military continued a major offensive against Al-Qaeda militants in the south of the country.
A steering committee to coordinate support for Yemen was also announced, besides the creation of three working groups focused on key economic, political and security reforms.
“The conference reiterated that the only way to a united, peaceful, stable and prosperous Yemen is through the implementation of the Gulf Cooperation Council (GCC) Initiative,” said the statement.
It said Saudi Arabia, together with five other member states of the Gulf Cooperation Council (GCC), have contributed about 70 percent of the total pledges made by the group.
The $1 billion loan is in addition to several other projects being funded by the Kingdom and its aid agencies, like the Saudi Fund for Development (SFD) in Yemen.
Early this year, the Kingdom donated $200 million to Yemen to build the world-class King Abdullah Medical City in Sanaa.
Riyadh has been the main fundraiser for the impoverished nation, besides being one of the brokers of Yemen's 2011 power transfer deal that saw long-serving President Ali Abdullah Saleh step down.
The Gulf states, led by Saudi Arabia, have been at the forefront of assistance to Yemen. A Yemeni-GCC panel met in Riyadh a week before the London conference to determine Yemen's developmental needs.

Attacks on oil facilities in Kingdom threaten world economy: Saudi energy minister

Updated 1 min 18 sec ago

Attacks on oil facilities in Kingdom threaten world economy: Saudi energy minister

  • Saudi Aramco says no staff have been injured in attacks
  • The oil giant is working on restoring the lost quantities

RIYADH: Saudi Arabia’s energy minister said drones that attacked Saudi Aramco installations had caused an interruption of an estimated 5.7 million barrels in crude supplies and threaten the world economy.

The Arab Coalition spokesman Col. Turki Al-Maliki said in a statement that investigations are ongoing to identify the perpetrators.

And Al-Maliki said Arab coalition forces would continue to implement necessary measures to deal with the terrorist threats.

Prince Abdulaziz bin Salman said as a result of the terrorist acts, oil production in Abqaiq and Khurais was knocked out temporarily and that estimates show that 50 percent of the company’s production had been interrupted.

Part of the decrease will be compensated to clients through reserves, Prince Abdulaziz said in a statement carried on the Saudi Press Agency.

The newly appointed minister confirmed there were no injuries to staff at the locations targeted, adding that the company is still assessing the resulting damage.

The attacks not only target the Kingdom’s vital installations, but also target the international oil supply and threaten its security, he said, and are a threat to the world economy. 

The blasts took place at 3:31am and 3:42am at the two locations, both in the Eastern Province of Saudi Arabia, causing fires that were brought under control by emergency services.

The drone attacks, at the world’s largest oil processing plant at Abqaiq and at an oilfield in Khurais, highlight the importance of the international community to protect energy supply against “all terrorist sides that carry out, support and finance such cowardly disruptive acts,” the statement said.

He said that these blasts also knocked out the production of 2bn cubic feet of associated gas daily, used to produce 700,000 barrels of natural gas liquids, which will lead to an approximate 50 percent decrease of Ethane and natural gas liquids supply.

The statement said the company is currently working on restoring the lost quantities, and will present updated information within the next 48 hours.

World leaders condemned the attacks on Saudi Arabia on Saturday and those behind the terrorist acts. 

Donald Trump called Crown Prince Mohammed bin Salman to reassert his country's “readiness to cooperate with the Kingdom, by all means conducive to maintain its security and stability.”

The Crown Prince "underscored the Kingdom’s willingness and strength to thwart such a terrorist aggression and deal with its consequences,” SPA reported on Saturday.

The UAE said it “condemns this act of terrorism and sabotage and considers it as a new evidence of the terrorist groups’ attempts to undermine the security and stability of the region as a whole.”

“The Houthis must stop undermining Saudi Arabia’s security by threatening civilian areas and commercial infrastructure,” said the British government.

“The US strongly condemns today’s drone attacks. These attacks against critical infrastructure endanger civilians, are unacceptable, and sooner or later will result in innocent lives being lost,” said the US envoy in Riyadh John Abizaid.

US Secretary of State Mike Pompeo was emphatic about the need to condemn Iranian aggression, specifically on Saudi Arabia, and the need to ensure the security of world energy supplies.

“Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy. Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world’s energy supply. There is no evidence the attacks came from Yemen,” he tweeted, “We call on all nations to publicly and unequivocally condemn Iran’s attacks. The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression”

The Houthis, who are backed by Iran, said they had carried out the attacks and that 10 drones had been used.