Yemen loses $383m due to oil pipeline sabotage in 2014

Yemen has lost $ 383 million during the first quarter of 2014due to the sabotage attacks on oil pipeline. A statement released by the Central Bank of Yemen (CBY) carried by Yemen NewsAgency (SABA), pointed out that the government’s share ,as a result of those attacks,fell to about 3.1 million barrels during the period, compared to 6.8 million barrelsin the corresponding period of 2013, with a decrease of 3.3 million barrels.Accordingly, Yemen’s revenues from the value of exports decreased during the firstquarter of 2014 to $ 348 million compared to about $ 731 million during thecorresponding period of the last year , with a decline of $ 383 million.The largest decline in Yemen’s revenues from oil exports was recorded last March,as the government did not reap only $ 44 million.The central bank said that volumes exported in March, did not exceed 396 thousandbarrels of the total 1.42 million barrels supposed to be exported during the samemonth, but the sabotage attacks caused the delay in shipping the rest of thequantity until the first of April.The bank said that the sabotage assaults resulted in reducing the quantity of oilallocated for domestic consumption to 4.9 million barrels during the first quarter ofthis year, with a decline of 1.25 million barrels from the same period in 2013.To redress such deficit, the government often resort to hiring Aden RefineryCompany to import petroleum products from abroad, while the Central Bank shallcover the import bill.The value of the imported quantity of the oil products amounted, during the firstthree months of this year, to $ 746 million.