ABOUT US
About our company
Yemen Company for Investment in Oil and Minerals is the oldest government company in the Republic of Yemen, which was established under Law No. (1) in1989. According to the articles of this law, it is considered the only national company that enjoys financial and administrative independence, and its establishment law granted it broad and diverse investment powers in various fields inside and outside Yemen, in addition to the fields of oil and minerals. The company has been able to operate, discover oil, and generate billions of dollars in revenue for the country, in addition to its own revenues. The Yemeni state recognizes the economic importance of the company and its role in supporting the national economy and works to support and enable it to accomplish its tasks in accordance with its broad powers.
The company is also a partner in three oil services companies, which are:
1- The Yemen Catering and Services (YCS),
2- Yemen Logistic and Supply Company (YELSCO)
3- Yemen Company for Heavy Transport (YETCO).
It is currently in the process of establishing a seismic survey company that will be responsible and exclusively authorized to survey all areas in the Republic of Yemen inshore and offshore. This subsidiary company will open new horizons for the mother company. According to its long-term strategic plan, the company will establish several subsidiary companies, whether in the field of mining or in the field of services, according to its priorities.
Based on the principle of everyone benefiting, the company welcomes the partnership of local and foreign companies in all fields, whether oil, minerals, or services.
Out of concern for the environment, the company and its partners established a fund and opened a joint account under the name “Cleanlup Account.""” This support is allocated to clean up the areas and remove all oil installations built in the areas where oil was discovered and petroleum operations took place, after the end of the participation agreement period and the cessation of production.
The company takes care of and cares for its employees. It has established a fund for them called the “Social Welfare Fund” and allocated 3% of its profits to it to support its employees and their dependents, in addition to specific training for employees because of its utmost importance. Also supporting and developing the residents of the areas where oil operations are carried out.
Our hopes are high, and our strategic direction is to expand our investments into new areas and establish new service companies in the field of drilling, fluids, logging services, and well maintenance. We invite and welcome all investors, locally and abroad, to take advantage of the unique advantages granted to the company and become our new partners, whether in the field of oil and mining or in the field of oil services.
Executive CEO deputy
Abdulrahman Alakwa'a
By the year 2014, Yemen Company For Investment in oil & minerals has Reached the age of 25 since its genesis. Taking into consideration the fact of oil companies' life cycle, we know for sure that 25 years is not that long life span with respect to what YICOM has accomplished. This was the ending result of cumulative efforts afforded by elite human capital (technical, administrative, financial, etc…), and above all the permanent support from the political leadership depicted in his Excellency the president of the republic, as well as the government embodied in all of oil ministers who occupied the ministry of oil and minerals during the past years. This support in return gave the senior management that led the company over the years the motive, and the ability to make the company embark the ladder of success. YICOM believes that growing from within & the key to success requires applying state of the art technologies and reflect it in every aspect of our daily activities to attain continuous improvement.
