Last Updated :
09 November 2009 at 14:30 IST
Yemen kick-starts LNG exports
EDEN (Commodity Online) : Lowly Gulf Arab state of Yemen on Sunday officially started its first ever exports of liquefied
Natural Gas shipment (LNG).
The cargo of 149,000 cubic meters of LNG from an LNG plant in Balhaf on the Arabian Sea will go to South Korea's Korea Gas Corp.
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The plant went into operation in mid-October and will produce 6.7 million tons of LNG a year when it reaches full capacity.
The $4.5 billion project, the country's largest economic project, is expected to help boost Yemen's economic and industrial development.
France's Total is the main shareholder in the project with 39.62%; other shareholders include Hunt Oil Company (17.22%), the Yemen LNG Company (16.73%), the Social Insurance and Salary Authority (5%), the S. Korean SK Corporation (9.55%), the S. Korean Gas Corporation KOGAS (6%) and the Hyundai Company (5.88%).
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