[07/November/2009]

BALHAF, Nov. 07 (Saba) - President Ali Abdullah Saleh inaugurated on Saturday the export of the first shipment of the liquefied natural gas project from a plant at the port of Balhaf on the southern coast of Yemen.

The $ 4.5 billion LNG project is the largest economic project in the country.

The project is 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.

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.

YA
Saba