A new project company, called Ras Issa Refining Company, is due to be established between Hoodoil – part of the local Natco and the project’s main sponsor – RIL and the International Finance Corporation, the private sector arm of the World Bank. The remainder of the capital will be offered to local and regional investors.

The plant’s product slate will include gasoline, high-speed diesel, aviation turbine fuel, kerosene, benzene and liquefied petroleum gas (LPG). State-owned Yemen Petroleum Company has guaranteed the offtake. The refinery will have capacity to process Marib Light crude but will also have the in-built flexibility to handle oil from Iran, Kuwait and Saudi Arabia.