Aden Refinery Company has definitively addressed circulating documents suggesting the sale of the refinery for 10 billion Saudi Riyals, asserting that the document does not pertain to a sale agreement but rather a commercial draft for importing and re-exporting petroleum products, which was ultimately cancelled.
The company's Public Relations and Media Department issued a clarification stating that the draft agreement dates back to April 2026. It proposed importing petroleum products to supply the local Yemeni market and re-exporting them from the refinery's storage tanks to East African countries, particularly those in the Horn of Africa.
The department explained that negotiations involving three companies and the Yemeni Al-Ahli Bank did not result in an agreement satisfactory to all parties, leading to the project's cancellation. The company stressed that the circulated document does not represent an enforceable agreement or a completed transaction for the refinery's sale.
Regarding the 10 billion Saudi Riyal figure, the company confirmed it represented the total proposed documentary credits for the purchase of oil products, not a financial consideration for selling the refinery's assets. It noted that no documentary credit was issued under the draft, nor were the company's assets pledged or transferred.
The company's management condemned the dissemination of an unsigned document presented to the public as a concluded sales agreement. It considered that building serious accusations on incomplete documents, without verifying their content and context, leads to the spread of misleading information about a governmental economic asset.
Aden Refinery Company reiterated that the refinery is a state-owned entity with public ownership. The management is committed to preserving its ownership and assets, focusing its efforts on resuming operations and restoring its economic role to enhance its contribution to supplying the local market and revitalizing the oil sector.
