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 >>

BP Reports Second Quarter 2014 Results
Azerbaijan >>  7/29/2014 - BP announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% hi...
Brazil's ANP Fines Petrobras over Output Measures
Brazil >>  7/28/2014 - Brazil's petroleum regulator, the ANP, fined state-run oil company Petroleo Brasileiro SA 5.55 million reais ($2.49 million) after problems were disco...

EU's Planned Sanctions against Russia to Hit South Stream, Yamal LNG
Russia >>  7/24/2014 - The European Union's proposed sanctions against Russia, targeting sensitive technology, take aim at Gazprom's huge South Stream gas pipeline project t...
Conditional Placing and Subscription to Raise up to $20.0m
Nigeria >>  7/23/2014 - Sirius Petroleum has conditionally raised gross proceeds of up to US$20,000,000 by way of a placing and a subscription (the "Placing and Subscription"...

China Provides $4b to Venezuela in Exchange for Oil
Venezuela >>  7/21/2014 - China will provide Venezuela with a new $4 billion credit line under an agreement signed on Monday, with the money to be repaid by oil shipments from ...
Africa Oilfield Logistics Limited Conditionally Raises 7.0m
Kenya >>  7/17/2014 - Africa Oilfield Logistics Ltd, the AIM listed African focussed support services and logistics company, is pleased to announce that it has conditionall...



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