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Monday, March 02, 2009

Gazprom considers investment in Yemen

Feb. 28, 2009 - Saba - Yemen News Agency – SANA'A Russia's gas giant Gazprom is considering participation in Yemeni gas and oil production projects. Officials at the company discussed with the Yemeni delegation that paid a visit to Russia on February 26 the possibility of investing in Yemen in oil and gas production as the country has 480 billion cubic meters of gas. Cooperation opportunities in the energy area issues were discussed as well. Gas production in Yemen is currently used to inject oil fields to increase their production capacity. But there are plans to convert large quantities of gas into liquids in the future once a plant to produce 6.7 million tons of gas annually is established. Gazprom may help Yemen to develop the industry of gas and establish gas pipelines. Analyst Natalia Milchakova hopes Yemen will become one of countries increasing gas production to facilitate cooperation with it. Gazprom seeks to occupy a high position internationally among gas importers and with investment in Yemen the company would be provided with the opportunity to enter new markets in Asia and the Pacific Ocean. In November, Yemen launched the first phase of its giant LNG project in the Balhaf area of Shabwa province. The 3.7-billion-dollar LNG project is the most important in the history of the country that is a small producer of about 380,000 barrels per day of oil. The project is run by the Yemen Liquefied Natural Gas Company, which is a joint venture owned by the state-run Yemen Gas Company, French oil giant Total, US Hunt Oil Company, as well as Kogas and Hyundai from South Korea. The project was expected to generate the largest single revenue for the country. The Yemeni government expects the project to generate up to 20 billion dollars over the course of 20 to 25 years after its completion in 2010.

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