Sunday, 4 April 2010

Yemen's 5 billion US$ liquefied gas project doubles exports

Sources : Reuters, Mon Apr 5, 2010 1:52am BST

Yemen LNG Commences Production from 2nd Train Ahead of
Schedule, Hence Doubling LNG Exports to its International
Markets (02 April 2010) Sana'a -Yemen LNG Company announces that it started producing Liquefied Natural Gas (LNG) from its 2nd Train on 1st April 2010, one month ahead of schedule.

With the completion of Train 2 at the LNG terminal of Balhaf, on the Gulf of Aden, the production of Yemen LNG Company will soon reach the design capacity of 6.7 million tons of LNG per year.

"The project is a true success story for Yemen and highlights
its capacity to develop world class industrial projects with
international financing", declared HE Minister of Oil and
Minerals Ameer Salem Al-Aidaroos. "The Yemen LNG project is a subject of pride for the Yemen and its people", HE Mr.
Al-Aidaroos added.

Since the initial production on 15th October 2009, the Train1
production has been exceptionally reliable and Yemen LNG has delivered LNG to Total Gas and Power, GDF Suez and KOGAS under 20-year Sales and Purchase Agreements. Deliveries were made to Korea, USA, China, Mexico and Spain.

"The Yemeni staff and Yemeni contractors played a major role in
this success" Yemen LNG General Manager Francois Rafin
highlighted. "The reliable production of Train 1, the
significant commercial successes on LNG markets, the start of Train 2 ahead of schedule tell that the teams of Yemen LNG and TOTAL master the LNG chain from the well to the delivery port", he added.

The Yemen LNG project is the largest and most important
investment ever made in Yemen with an investment of around US$ 4.5 billion. The gas supplied from Block 18, in the Marib region of central Yemen, is treated in cryogenic units for LPG
extraction and transported through a 320 kilometer pipeline to
the LNG Plant at Balhaf on the southern coast of the country,
where it is liquefied. The LNG is shipped by a dedicated fleet
of LNG carriers to worldwide destinations.

About the people Yemen LNG Company supports the Yemeni economy by creating jobs for Yemenis, particularly from Marib and Shabwah - as many as several thousand during the construction phase -and by deploying a major sustainable development program covering water, public
health, education, fishing and agriculture.

Yemen LNG Company has recruited and trained Yemen LNG's 700 Yemeni-strong technical and administrative team. Yemeni employees have acquired, through a three-year dedicated training program in both Sanaa and Balhaf the necessary skills for the conduct of the operations. In the future, Yemenis will make up about 90% of Yemen LNG's workforce, occupying positions in all areas including operations, administration, support and management. Yemen LNG shareholders

The Yemen LNG Company shareholders are TOTAL, Project Leader, (39.62%), Yemen Gas Company (16.73%), Hunt Oil Company (17.22%), SK Energy Co., Ltd. (9.55%), Korea Gas Corporation – KOGAS (6.00%), the General Authority for Social Security and Pensions of Yemen (5.00%) and Hyundai Corporation (5.88%).

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