[05/November/2009]

SANA'A, Nov. 05 (Saba) - Yemen is set to export the first shipment of LNG from its Balhaf plant in the south to South Korea next Saturday.

The shipment is said to be estimated at 149.000 cubic meters of LNG and would be transported by a Korean tanker.

The shipment would be followed by another shipment, about 190 cubic meters of LNG, would be transported by a Yemeni tanker owned by the Yemen Liquefied Natural Gas Company.

The initial exports will focus on Europe and Asia under schedules taking into account the world market priorities, Minister of Oil and Minerals Amir Salim al-Aidrous said.

China and India are expected to be a focus, he said, adding in the second half of 2010 when the second train of production starts with 90 percent of the project completed the exporting process will run normally.

Partners of the project, donors, municipal officials and managers of petroleum companies are expected in the launch ceremony.

Yemen pins hopes on the four-billion project which started production last month.

The investment is the largest in Yemen and believed to significantly contribute to boosting Yemen's economy and industry development.

It is a clear message that Yemen is the land of investment and already encourages foreign capitals to flow into Yemen, minister of Oil and Minerals Amir Salim al-Aidrous has said.

It also boosts competition among local companies, he said.

The project provides 10.000 jobs for Yemenis who occupy about 75 percent of the project's total of employees. By 2015, 90 percent of the workforce at the plant would be Yemeni people.

The French Total Company is the main shareholder in the project with 39.62 percent and the other shareholders include the Hunt Company with 17.22 percent, the Yemen LNG Company with 16.73 percent, the Social Insurance and Salary Authority with 5 percent, the S. Korean SK Corporation with 9.55 percent, the S. Korean Gas Corporation KOGAS with 6 percent and the Hyundai Company with 5.88 percent.

FR

Saba