Yemen plans to raise prices on its exports of liquefied natural gas by the end of the year to boost revenues as the U.S. market dries up.
Yemen
plans
to raise prices on its exports of liquefied natural gas by the end of the year
to boost revenues as the
U.S.
market dries up.
The American shale gas boom has made natural gas relatively cheap and abundant
in the
U.S.
,
forcing oil companies to divert cargo to
Asia
and
Europe
where
they can fetch higher prices.
Yemen
's oil
ministry published a statement on its website saying the cabinet has approved a
mechanism for modifying LNG prices and an agreement with all buyers on an
average price will be reached before the end of the year.
French oil major Total SA (TOT) and GDF Suez Trading last year agreed to raise
the price of Yemeni LNG sold under long-term contracts from 2014. Oil Minister
Ahmed Dares said at the time that the country was looking to more than double
its natural gas revenues to at least $340 million from $160 million.
Yemen LNG has three long-term contracts with Total, GDF Suez SA (GSZ.FR) and
Korea Gas Corporation or KOGAS.
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