MARCH 18, 2008
Canadian Petrol One looks for opportunities in Yemen
Chairman of the Board and Directors and Senior Executive Director of Canadian Petrol One Shiekh Walid Ahmed Al-Rawaf left Yemen on Thursday, March 1 after a two-day visit. During the visit, he met with senior officials including Minister of Oil and Minerals Khalid Bahah.
The visit is built on the primary visit paid by the Member of the Board of Directors Sheikh Ali Abdulrahaman Al-Sabahan between Jan 11 to 13.
Al-Rawaf and Bahah reviewed the available opportunities in minerals and oil industry field whether in sea and land sectors. They also discussed the facilities and guarantees given to investors together with incentives and privileges ensured by Yemen law to encourage investment. Al-Rawaf expressed his readiness to invest in Yemen as long as the government gives more attention for investors in general and Gulf investors in particular. He further assured Yemen is counted one of the areas that pull investors into many vital sectors such as oil and minerals. Last year’s oil explorations have increased the opportunities in this sector.
Petrol One is a Canadian company enlisted in the Toronto Bourse. It is a general company owned by more than 3,800 shareholders. The company works in exploring and producing oil and natural gas. It has the right of exploration for gas and oil in the north-west of Gabon and it is about to let into Sudan and Malaysia.
Al-Rawaf added his company has strategic partners such as Canadian Storm Company, which owns 21 sites in different areas across the world, and the Chinese Shengli. Further, the company received three proposals from these companies to let in a strategic partnership with them.
“We came to Yemen because we know it has a big natural wealth that makes many countries and companies aspire to exploit such wealth. We wish we can succeed in serving our second home, Yemen, on one hand and serve ourselves on the other,” noted Al-Rawaf.
Al-Rawaf went on to say the company wishes to get the right for exploring oil and gas in Yemen, noting his company has different petroleum techniques including what they call “Mature Field” to help those countries where oils well have dried up or where the level to their production comes down. He further pointed the company has the technique that enables them to produce stagnant oil and market it, stressing that they will offer this technique as a service for Yemeni government.
“It is known that Yemen float on a petrol lake and it has an immense gas reserves together with other natural resources like gold and iron and many other minerals,” maintained he.
He also indicated that studies proved that Yemen will witness and industrial upswing and there exist legislations to encourage investments.
“Yemeni legislations are very good and inviting. However, Yemeni government should look the matter from another perspective which lies in tax exemptions as imposing taxes creates dual taxations on investing companies as they pay twice once in their homelands and another in the hosting countries,” hinted Al-Rawaf.
He continued that his meeting with Oil Minister was fruitful and the Minister identified him with many sites for exploitation and assured Yemen welcomes oil companies to exploit such sites and widely opens its arms for such investment. It further provides all facilities for investment in energy, petrol, gas, minerals and tourism sectors. He clarified that Bahah offered him to invest in offshore blocks because the company has many involvements in such activities.
Concluding his statement, Al-Rawaf noted that Yemen’s political stability is the prime factor in drawing investments and capitals into the country, because political stability always draws capitals but not the reverse.
Ahmend Hussein Al-Yafai, the company’s representative in Yemen alongside his friend Walid Mutahar Al-Seraji contributed in making Al-Rawaf’s visit successful.
