By SUMMER SAID
Yemen plans to raise prices on its exports of liquefied natural
gas by the end of the year to boost revenues as the US
market dries up.
The American shale gas boom has made natural
gas relatively cheap and abundant in the US, 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 and GDF Suez 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
has three long-term contracts with Total, GDF Suez and Korea
Gas Corp., or KOGAS.
Dow Jones Newswires