Afghan Oil Deal Signed

A fuel and petroleum agreement was signed between the Afghan Commerce Ministry and the UAE's Al Bassam Group today.

Based on the agreement, the Al Bassam Group will spend $231 million over the next nine years on storage facilities building, pipeline extension and fuel distribution.

In the first month, $60 million will be spent on buying petrol, building storage facilities and on distributing petrol to filling stations which are to be set up by the group in various parts of Afghanistan.

The government of Afghanistan will have no part in the activities of the company, and the tax paid by the company will be the government's only revenue.

In the first stage, 300 people and in the second stage over 6,000 to 8,000 people will be employed.