BUT BUT... Alas, I have no defence for them. Yemen were playing to a different tune.
See https://medium.com/@samwrax/how-a-handful-of-elites-are-plundering-the-oil-wealth-of-the-nation-7a1114e4cc48
Near the article's end we know this ... "Also Block S-1 which was acquired by PetSec Energy in 2016 is currently at the center of a corruption scheme by Oil Minister al-Oud and The General Manager of YICOM Abdullah Omair. We received copies of letters sent by PetSec to the oil minister, asking for consent to start production at S-1 and transportation permission through Sector 4 which is operated by YICOM. We were informed by a source in the ministry that permission has not been granted to PetSec because PetSec refused to pay the commission amount requested by Minister al-Oud, and also refused a proposal by al-Oud to have one of his family members as a local partner with Petsec.
The Source also explained that the oil minister wants PetroMasila which operates in Hadhramout, about 400km from Block S-1 to be the exporter, instead of YICOM which operates in Shabwah and not very far from S-1. This scheme is a way to make more money on transport for the oil minister and his friend’s transportation company which will carry the crude from S-1 to the PetroMasila facility."
PSA Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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