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FINANCIAL NEWS
Yemen LNG to boost output by 30%
08 Nov 2010
(MENAFN) The Managing Director of Yemen LNG Co., partly owned by France’s Total, said that the company plans to increase liquefied natural gas output by 30 per cent next year, Reuters reported
The company plans to boost production to 6.55 million tons in 2011 from 5 million tons this year, Francois Rafin, who runs Yemen LNG, the country’s largest industrial project, told reporters in Sana’a, the Yemeni capital.
The $4.5 billion facility, which is yet to reach its output capacity of 6.7 million tons, delivered fewer cargoes to the US than initially planned because the price is higher in Asia, Rafin said.
Yemen, the poorest Arab country, has started to export its natural gas as crude oil production, the source of 75 percent of its income, declines. Oil output may drop to 260,000 barrels a day this year from 440,000 barrels a day in 2001, according to US Energy Department data.
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