Yemen LNG revenue seen below target in 2010 -finmin

SANAA, May 25 (BestGrowthStock) – Revenues from Yemen’s
multi-billion dollar Total-led (TOTF.PA: ) liquefied natural gas
(LNG) plant will be less than expected in 2010 due to a delay in
the production start-up, the finance minister said on Tuesday.

“Unfortunately this year we will not get the revenues we
were expecting,” Nouman al-Suhaibi told Reuters.

“We were expecting $400 million in 2010 but in the first 4
months the revenues we saw did not reach 25 percent of what we
were expecting and what we had accounted for in the budget,” he
said.

Suhaibi said a three-month delay in the start-up of
production at the plant’s second train was partly the reason for
a lower projection for revenues.

“In the first year, the companies … who founded the
project will begin to recoup their costs and will service the
loans with the banks that financed the projects,” he said.

Owners of the plant include French oil and gas company Total
with a 39.6 percent stake, U.S. firm Hunt Oil with a 17.2
percent share and Yemen Gas Co with 16.7 percent.

Other partners include Korea Gas Corp (036460.KS: ), SK Energy
(096770.KS: ), Hyundai Corp (011760.KS: ) and Yemen’s pension fund.

Stock Market Money
(Reporting by Raissa Kasolowsky; Editing by Keiron Henderson)

Yemen LNG revenue seen below target in 2010 -finmin