According to a report by the Yemen Times, new joint ventures between Yemen and Saudi Arabia are estimated to involve $700 million.
The weekly cited official sources as saying that the two countries had hired a Chinese consultative firm which is now in the process of finalizing an economic, technical and financial feasibility study for building a $400 million oil Refinery in Hadramout governorate. Yemeni and Saudi investors are funding the project, said the report.
The two countries signed a border agreement in June 2000, which settled a long dispute. It was followed by a number of cooperation agreements – Albawaba.com
