Financials and Investment: News for Oil & Gas and Hydrocarbon Industries  Membership Services
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

Total, Partners to Seek Loans for Yemen LNG Project by March

Source: bloomberg 9/11/2007, Location: Middle East

Share |

Total SA and its partners plan to secure long-term loans for a $3.7 billion liquefied natural gas project in Yemen by March 2008, a year later than scheduled because of delays in securing gas supplies.

The partners have funded 63 percent of the 6.6 million metric ton-a-year project with short-term loans, said Khaled Ishaq, a spokesman for Yemen LNG, 39.6 percent-owned by Total.

The country's first LNG project may help ease a global shortage of the fuel after prices jumped fourfold in the last five years, Jensen Associates Inc. said in an August report.

State-run Safir Co. replaced Hunt as the operator of the field last year, forcing Total and its partners to renegotiate supply agreements. Hunt Oil filed for arbitration last year to regain production rights revoked by Yemeni authorities.

''Satisfactory progress is being made'' in talks with the government to secure supplies from Marib, Ishaq said. Total plans to sign an agreement with Safir for supplies this year, Joel Fort, a general manager at Yemen LNG, said in May.

Yemen LNG may complete the first production line by the end of next year and a second train by June 2009, Ishaq said. A 320- kilometer pipeline, linking the plant in Balhaf with Marib, is 68 percent complete. The Marib field has 9.2 trillion cubic feet of gas reserves.

Financials and Investment News in Yemen >>

KOGAS to Invest $4.9 Bln in Zubair Oil Project
  Iraq >>  8/18/2014 - Korea Gas Corp will invest 4.99 trillion Korean won ($4.9 billion) in Iraq's Zubair oil project, the state-run South Korean gas company said in a fili...
Oil Market Highlights - August 14
  Austria >>  8/11/2014 - Crude Oil Price Movements
The OPEC Reference Basket fell by $2.28 to $105.61/b in July amid easing worries about supply disruptions and w...


Balance of Supply and Demand - August 14
  Austria >>  8/11/2014 - Demand for OPEC crude in 2014 was revised down by 0.1 mb/d from the previous report to stand at 29.6 mb/d. In 2015, demand for OPEC crude is expected ...
Brazil May Raise Fuel Prices by Up to 6 Percent
  Brazil >>  8/11/2014 - The Brazilian government could increase domestic fuel prices at refineries by up to 6 percent after the October presidential election, a senior govern...

Monthly Inflation Rate Highest since 2008
  Egypt >>  8/10/2014 - The Central Agency for Public Mobilization and Statistics (CAPMAS) said that the monthly rate of inflation in July reached 3.3 percent, compared to Ju...
Petrobras Profit Slumps as Imports, Price Gains
  Brazil >>  8/9/2014 - Profit at Brazilian state-run oil company Petrobras slumped 20 percent in the second quarter from a year earlier, as rising fuel imports, debt costs a...



Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Yemen Oil & Gas 1 >>  2 | 3 | 4 |

More News

Oil & Gas Projects in Yemen >>

Oil & Gas Companies in Yemen >>

Related Links

Countries Quick Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright Universal Solutions All rights reserved. Privacy Policy. - Contact Us