Sana'a, May 24, 2008 (YemenOnline) – Seven international oil companies led by the French Total have got an international sum to finance 25% of the first-ever gas project in Yemen to be implemented at a cost of $4 billion.

An official at the Yemen Liquefied Natural Gas Company (YLNG) confirmed that an agreement had been signed in London for an international big sum for investing companies to finance the huge project.

Under the agreement, the companies will get $2.8 billion to finance the final phase of a project of which 75% has been completed.

The sum is awarded from big international banks and financial corporations such as the Bank of Tokyo-Mitsubishi UFJ, Ltd, the ING Bank, the Royal Bank of Scotland, the Calyon Bank and the BNP Paribas.

The project has been implemented by seven Yemeni and foreign companies that include the French Total Company with 39.62%, the US Hunt Company with 17.22%, the Yemeni Gas Company with 16.73%, the Korean SK Company with 9.55%, the Korean Gas Company KOGAS with 6%, the Hyundai Company with 5.88% and the rest for the General Pensions and Social Security Authority (GPSSA).

The project is composed of a station for liquefying gas and a port for exporting gas at the Belhaf area, in addition to three pipelines one of which links the two units of production and treatment in Marib province, a main pipeline at length of 320 kilometers that stretches from the production station in Marib to the fueling station in the Belhaf area and another pipeline to supply gas to the city of Ma'abar in Dhamar province.

Source: Sabanews