Armies of Liberation

Jane Novak's blog about Yemen

South Korea pays market price for Yemen LNG

Filed under: LNG, SK, govt budget — by Jane Novak at 1:46 pm on Saturday, February 18, 2012

In the first half of the story, South Korea was paying well under fair market price since 2005 despite opposition and activists strenuous objections.

Yemen LNG and Total Gas LIFT gas shipments redirected to Korea
[18 / February / 2012] Saba

Agreed Yemen LNG, Total Gas & Power to increase the number of shipments transferred by 20 shipments per year to Korea during the years 2012.2013 and 2014 m due to the continued low gas prices in the U.S. market.

Under the new agreement which was signed in Paris on the fourteenth of February, the ongoing presence of the Minister of Oil and Minerals Engineer Hisham Sharaf Abdullah, will be selling LNG to Kogas, according to the current price of the market.

The agreement for sale and purchase of gas, concluded in 2005 between the Yemen LNG, Total Gas & Power has stated that the moving exports Yemen LNG mainly to the markets of the Gulf of Mexico and Western Europe, but since the beginning of production in 2009, is converted to 15 shipment annually to the Asian markets with higher economic returns.

A statement issued by the company and received the Yemen News Agency (SABA) a copy of it to raise the number of shipments transferred to 35 shipments per year will contribute to raising the company’s revenue of Yemen LNG and the Yemeni government significantly.

He pointed out that Yemen LNG, Total Gas & Power will undertake Brphi the local market about 150 tons of gasoline during the years 2012.2013 and 2014.

It is noteworthy that Yemen LNG exported 60 percent of its production during the year 2011 to the Asian market, and 15 percent to the European market and 25 percent to U.S. markets.

The company of Yemen LNG in the same year imported 50 tons of cooking gas to help meet the needs of the domestic gas market.

In this regard, the General Manager of Yemen LNG Francois Ravan that the company’s reputation as a source of liquefied natural gas well-respected senior buyers in Asia, where you get Korea, half of our production of LNG, we also supply China, Japan and India on a regular basis.

“I did not expect the economic markets lower demand for natural gas (LNG) in the U.S. market, but because of the strong support of its partners, shareholders in the company, to take this business opportunity to convert shipments to Asian markets, which would help in raising the value of the proceeds of the company and the government of Yemen in the time most in need. “

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