Uni, the difficulty for me with Yemen is along the lines of your...

Uni, the difficulty for me with Yemen is along the lines of your thinking. I see a country of 800 plus tribes that seem to lack any lasting unification. The more they follow separatist paths the more self greed comes into play and we see that behaviour of grab what one can get. Corruption is a way of life and that does not bode well for western companies.

Ironically war can be a time that brings unification but the south/north divide seems something of a hurdle so far.

The govt is saying they are on a crusade to stop corruption so I guess the test will be does the govt set the example for the country to follow.

The permit issue and that of senior officials wanting the oil cash from the PSA acreage seems valid on the surface but I ask myself if those officials wanted control over those assets why did they not buy them for the pittance PSA picked them up for when the firer sale was on? It would not be beyond their means to get the cash and set up a front company to keep things at apparent arms length.

From my risk perspective I only have a small holding which is for fun should a good outcome occur and won't hurt as a write off if it all goes pear shaped. But I will increase my holding if the news/data suggests the risk is declining to (my) acceptable levels.