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
Products and vendors Services and providers Jobs

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 >>

Africa's Squandered Commodity Boom Erodes US Trade Promise
  Gabon >>  8/25/2015 - A fresh U.S. trade pact could provide relief to African economies buffeted by the commodities slump but a failure to reform during the boom years has ...
Iran Reports Surprise Rise in Oil Output
  Iran >>  8/23/2015 - Iran has reported a surprise surge in its oil output capacity after a multiple year plunge that was prompted as a result of sanctions against investme...

Brazil's Petrobras Agrees to Refinance 6 bln Reais Tax Bill
  Brazil >>  8/14/2015 - State-controlled Petroleo Brasileiro SA agreed to refinance an outstanding 6 billion reais ($1.7 billion) tax debt with the Brazilian government, allo...
PGNiG Upstream International Secures Financing
  Norway >>  8/13/2015 - PGNiG Upstream International AS, a subsidiary of PGNiG SA, executed a USD 400m credit facility agreement with eight banks (Societe Generale, BNP Parib...

Hercules Files for Court Approval of Prepackaged Reorganization Plan
  United States >>  8/13/2015 - Hercules Offshore, Inc that it has filed a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code to continue its financial ...
Balance of Supply and Demand – August 2015
  Austria >>  8/12/2015 - Demand for OPEC crude in 2015 was unchanged at 29.2 mb/d, which is 0.2 mb/d higher than the 2014 level. In 2016, demand for OPEC crude is projected 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 | 5 |

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 B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed