“KUFPEC” threatens pro-coalition government by resorting to international judiciary

SANAA, Feb. 23 (YPA) – Kuwait Petroleum Exploration Company (KUFPEC) has threatened to take international action against the government loyal to the Saudi-led coalition if PetroMasila continues to refuse to hand over operations of Block 5 Jannah to the new operator.

KUFPEC explained that the partners in the joint operating agreement will bear the costs resulting from appointing the alternative operator, holding the Yemeni Company for Oil and Mineral Investments legally and financially responsible for the disruption.

The company, currently known as Jannah Petroleum Limited, indicated that its threat came after PetroMasila resigned as the sector manager and Jannah Hunt was appointed as the new operator, according to the results of two official meetings held in November and December 2024, where Jannah Hunt obtained the majority of votes to become the official representative of the partners.

The company confirmed in a letter that PetroMasila is still delaying the handover of tasks to the new operator despite its previous commitments, which has led to the paralysis of work in the sector.

KUFPEC warned that continued disruption would force it to resort to international courts to protect its investments, threatening the pro-coalition government with losing foreign investments and deepening the economic crisis in the areas under its control.

YPA