Middle East Economic Survey


No 4



Indias Reliance To Take 25% Stake In Yemen Refinery

Indias Reliance Industries is expected to take a 25% stake in a proposed $450mn, 60,000 b/d refinery at Ras 'Isa on Yemens Red Sea coast (MEES, 14 March 2005). The Ras 'Isa Refinery Company is a new venture 50% owned by Yemens HoodOil, a subsidiary of the Haseel Saeed Anam Group. The International Finance Corporation (IFC) will extend a $45mn loan to the project and invest another...