Yemen LNG Sales To Korea: Volumes Fall, But Revenues Rise

• Despite reduced shipments to Korea in what was a particularly violent year for Yemen, LNG export revenues were up a massive 75% in 2014 year-on-year after Korean state firm Kogas agreed in December 2013 to raise the contract price from the $3.20/mn BTU it originally agreed in 2005 to $12.60/mn BTU (MEES, 14 February 2014).

• Yemen in mid-2013 opened price review negotiations with its LNG customers after coming under intense pressure from parliamentary circles accusing the government of initially drawing up contracts at prices that were well below market rates.

• Negotiations with its two other buyers France’s GdF Suez and Total are still ongoing, though the growing uncertainty currently surrounding Yemen’s leadership will only serve to delay proceedings (MEES, 23 January). (CONTINUED - 121 WORDS)


table Korean Lng Imports From Yemen