Yemen reconsiders selling prices of LNG to Korea
The Source: sana'a /hadhramaut.info/sabanews.net - 16/06/2010
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The government decided on Tuesday to reconsider prices of selling Liquefied Natural Gas (LNG) to Korea.
Foreign Minister Abu Bakr al-Qirbi along with Minister of Oil and Minerals Amir al-Aydarus informed the ambassador of South Korea Won-ho Kwak about the government's decision to reconsider the LNG prices sold to his country.
They told him that the reconsideration of the LNG contract between Yemen and Korea aims to cope Yemeni LNG prices with changes in gas selling prices in global markets and to maintain the interests of all partners in LNG exports from Yemen.
President Ali Abdullah Saleh asked the government in its weekly meeting on Tuesday to consider raising contract prices for LNG exports.
The first shipment of LNG to international markets in Asia, Korea and to the two Americas was launched by President Saleh in November 2009.
The LNG project that has taken 15 years of constructions will generate USD 30-50 billions to Yemen in its age of 25 years.
The Yemen LNG project is the largest and most important investment ever made in Yemen with an investment of around US$ 4.5 billion.
It consists of supplying gas from Block 18, located in the Marib region in central Yemen , through a 320 kilometres dedicated pipeline to the LNG plant located at the port of Balhaf on the Arab Sea, south east of Yemen.
The project shareholders are TOTAL (Project Leader) (39.62%), Yemen Gas Company (16.73%), Hunt Oil Company (17.22%), SK Energy Co., Ltd. (9.55%), Korea Gas Corporation – KOGAS (6.00%), the General Authority for Social Security and Pensions of Yemen (5.00%) and Hyundai Corporation (5.88%).
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