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  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 >>

Kayan Signs Two Financing Deals Totalling $700m
  Saudi Arabia >>  11/20/2014 - Saudi Kayan Petrochemical Company , an affiliate of Saudi Basic Industries Corp (SABIC) , has signed two Islamic financing deals totalling 2.63 billio...
PF Informs an Error to Director Jose Carlos Cosenza
  Brazil >>  11/19/2014 - Petrobras has learned that the officer Marcio Adriano Anselmo, the Regional Superintendent of the Parana Federal Police Department, sent an official l...

KUFPEC Secures $1 Billion
  Kuwait >>  11/19/2014 - KUFPEC ,a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), signed a new $1 billion (c. KD288 Million) five-year term loan facility. The...
Primeline Signs Project Finance Contract
  China >>  11/18/2014 - Primeline Energy Holdings Inc. announces that the binding documentation for the project finance facility for the financing of its share of the costs t...

Rousseff Comments on Petrobras Scandal
  Brazil >>  11/16/2014 - A widening corruption scandal at state-run oil company Petroleo Brasileiro SA may change the country forever, Brazilian President Dilma Rousseff said ...
Mike Harding Retires from the Board of Roc Oil
  Australia >>  11/13/2014 - ROC advises that Mike Harding has resigned from the Board of the Company with immediate effect from today. An Independent Non-executive Director since...



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 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