Gulf Oil and Gas accountACCOUNT

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 >>

United Kingdom >>  4/20/2018 - Cluff Natural Resources has announced a subscription of a total of 46,875,000 new ordinary shares to raise a total of 750,000 (before expenses). All...
Uzbekistan >>  4/19/2018 - LUKOIL has raised a USD 660 million loan with a ten years maturity to finance a part of the incurred construction costs for gas processing plant at th...

Iraq >>  4/18/2018 - Genel Energy plc announces that the Taq Taq partners have received a gross payment of $8.30 million from the Kurdistan Regional Government ('KRG') for...
Netherlands/Holland >>  4/12/2018 - Royal Dutch Shell plc (Shell) published a report outlining how its strategy should enable it to thrive as the world transitions to lower-carbon energy...

Austria >>  4/10/2018 - The price of a Brent barrel surpassed the $70 mark in morning trading on Tuesday, after a rather rocky start to the week. ...
United Kingdom >>  4/10/2018 - Hurricane Energy, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has announced its fina...

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

Related Articles: Accounting, Statistics  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 |

Oil & Gas Projects in Yemen >>

More News

 

Oil & Gas Companies in Yemen >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.