Yemen LNG Business Stability Signal after Ending 2011

Source: www.gulfoilandgas.com 1/11/2012, Location: Middle East

Yemen LNG completed the year 2011 with the delivery of 106 LNG cargoes. This represents 100% of the annual delivery program that was committed to the gas buyers. First LNG export on 7th November 2009 was followed by first export form second LNG train on 1st April 2010; 2011 was therefore the first year of operation at full capacity.

A pipeline sabotage occurred mid-October 2011 that was promptly repaired, allowing full delivery of the annual contracts quantities. 60% of the LNG was delivered to Asia, 25% to the Americas and 15% to Europe. Diversions revenues contributed to increase the revenues by some 40%.

The year 2012 started with a strong signal of business stability as the Board of Directors Meeting was chaired on 4th and 5th January by the Minister of Oil and Minerals of the new Government. The Board adopted the budget affirming the objectives to maintain a high security, to deliver the full annual contract quantities of LNG and to maximize the revenues through cargo diversions to Asia.

“Our reliability as an LNG supplier makes for a good international reputation of Yemen LNG and of Yemen. We look forward to leveraging on this reliability to maximize, in full transparency, the sales revenues in 2012 and in the future years.” stated the General Manager Francois Rafin after the Board Meeting.


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