“PetroMasila” faces specter of bankruptcy

 HADRAMOUT, Dec. 05 (YPA) – The government loyal to the Saudi-led coalition on Monday revealed a difficult situation that major oil producing and exporting companies are going through, with Sanaa’s decision to stop the looting and smuggling of Yemeni oil.

Quoting sources in the pro-coalition government, Southern media reported that the PetroMasila Company may have to close down permanently if it is not rescued, noting that it is facing a financial crisis with which it was unable to pay salaries.

The sources expected the collapse of the company operating several oil sectors in Hadramout, Shabwa and Marib provinces during the next few weeks.

The PetroMasila Company is one of the most prominent oil production and export companies, along with the “Safer” Company and a third body affiliated to the Ministry of Oil. The company was founded in the wake of 2011 and the Islah Party-affiliated businessman, Hamid al-Ahmar has influence over it.

Sanaa carried out several warning strikes to stop looting and smuggling Yemeni oil due to the coalition’s continued refusal to hand over salaries from the looted Yemeni oil revenues.

YPA