Kogas of South Korea, the world’s largest corporate buyer of LNG, has reportedly agreed to pay a higher price of $14 per million Btu for the LNG it purchases from Yemen.
“ The new price was made effective retroactively to January 1, 2014 and negotiations are still underway with Total and GDF Suez ,” Abdulqawi Al-Odain, head of the Media Department of the Ministry of Oil and Minerals , told the Yemen Times.
KOGAS earlier paid $3.15 per million Btu for the LNG it imports from Yemen.
Total-run Yemen LNG has three long-term contracts with GDF Suez, Total and Kogas.
GDF Suez’ contract is for 2.5 million mt/year for North America, Total for 2 million mt/year for the US, and Kogas 2 million mt/year for its domestic market.
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LNG World News Staff, February 5, 2014; Image: Yemen LNG