The third batch of the new Saudi Oil Derivatives Grant has arrived in Hadhramaut governorate, from Aden, provided by Saudi Arabia through the Saudi Development and Reconstruction Program for Yemen (SDRPY), in quantities amounting to 5,500 tons of diesel and 13,000 tons of mazut.
The new Oil Derivatives Grant is an affirmation of the Kingdom's keenness to achieve security, stability, and development for the Yemeni people and an extension of previous grants totaling USD 4.2 billion, the latest of which was a Grant of USD 422 million that was completed over a year and contributed to economic stability, enhancing the budget of the Yemeni government, raising the purchasing power of Yemeni citizens and improving security conditions.
This Grant also contributed to improving the utility sector, developing citizens' lives, increasing the rate of daily service hours for the operation of power plants, and ensuring the self-operation of power plants in Yemen.
Previously the Oil Derivatives Grants provided by SDRPY contributed to the partial reduction of government spending that boosts Yemen's economy by easing the burden of the expenditure on the government, doubling the production capacity, and reaching the target of 3119 GWh during the operating period of the stations, in addition to covering the needs of power plants in Yemen. The Grant also reduced the Central Bank of Yemen's consumption of foreign currency reserves to purchase oil derivatives to generate electricity from global markets.
The Saudi Oil Derivatives Grant is part of the support from the SDRPY, which has offered 224 development projects and initiatives across Yemeni governorates to serve the Yemeni people in seven main sectors: education, health, water, energy, transport, agriculture and fishery, and building the capacity of government institutions, in addition to other development programs.
Source: Saudi Press Agency