Saudi-Yemeni firm for oil investment

JEDDAH, 15 July  — Saudi and Yemeni investors have established a new company for investments in the petroleum sector with a capital of $3 million, Okaz reported yesterday quoting a Saudi businessman. Salem Ahmad Bin Mahfouz, a partner in the Dubai-based United Petroleum Investment Company, said UPIC’s investments would reach $700 million (SR2.625 billion). The new company will have offices in Saudi Arabia and Yemen. The UPIC will hold a meeting early next month to review offers of international firms to join a refinery project in Yemen’s Dhabba region. (AN)