PetroMasila petroleum company to declare bankruptcy

HADRAMOUT, Aug. 6 (YPA) – A familiar source said that Masila Petroleum Exploration and Production Company (PetroMasila) suffers from a severe crisis could lead to bankruptcy.

The company, which considered as the biggest petroleum company in Southern region and operates in Gail Ba Wazeer area, in the south of Mukala city, which is the provincial capital city of Hadrmourt province, said in press statement released on Sunday that it become non-enable to pay employees salaries, whom number is over 200 thousands.

The company produces 450 Barrels of Brent oil per month.

The company suffers from the influx of delusional labor, and corruption supported by senior officials and tribal sheikhs.

Ahmed Al-Mutawakel