More Yemen LNG for South Korea

Yemen LNG said in a statement that the company and Total Gas and Power signed a deal to further increase the number of LNG diversions by 20 more cargoes to Korea over the years 2012, 2013 and 2014.

Under this agreement, the LNG is sold to Kogas at current market price, Yemen LNG said.

“The revenues of Yemen LNG and of Yemen will significantly increase with these additional diversions. Furthermore, Yemen LNG and Total Gas and Power will deliver to the Government of Yemen around 150,000 tons of gasoline to feed the domestic Yemeni market in 2012, 2013 and 2014,” the company said in a statement.

In 2011 Yemen LNG delivered 60% of its production to Asia, 15% to Europe and 25% to the Americas.

Yemen LNG said that it has also imported 50,000 tons of propane and butane to help Yemen facing a dramatic shortage of domestic gas.

“Our reputation as a reliable LNG supplier is appreciated by the premium Asian buyers. Korea now receives half of our LNG production and we also regularly supply China, Japan and India. The fall of the US LNG demand was unforeseen by the markets, but with the strong support of our shareholders we seize this opportunity to redeploy our sales portfolio to Asia. It creates value for the Company and for Yemen at a time where the country needs it.” said Yemen LNG’s General Manager Francois Rafin.

[mappress]

LNG World News Staff, February 19, 2012