28 May 2008
South Korea, Tuesday, 27 May 2008 – On invitation from AP Moeller Maersk and Samsung Heavy Industries (SHI), His Excellency Mr. Abdul-Malik Alama, Deputy Minister of Oil and Minerals and a government delegation as well as Yemen LNG representatives attended on Tuesday, May 27, the official naming ceremony of the first two Yemen LNG chartered vessels at a special ceremony in South Korea, marking another achievement towards operation of the Yemen LNG project targeted early next year.

The vessels, named Maersk Marib and Maersk Arwa, are the first of four LNG vessels chartered to Yemen LNG for the entire lifespan of the project. The ceremony took place at SHI shipyard in the Geoje Island of South Korea. The ships will transport LNG from Yemen to the Total Gas & Power, one of the long term buyers with whom Yemen LNG has signed long term Sales and Purchase Agreements. In total twelve vessels will be used at any point in time to deliver LNG from Balhaf.

Speaking on behalf of the Yemeni government and the participating Yemen LNG members, Mr. Alama highlighted the major historical significance of the two vessel names. “The Maersk Arwa” Alama said, “is named after the famous Queen Arwa of Yemen who brought prosperity to the country throughout her reign”. On Maersk Marib Mr. Alama indicated that “this ship was named after the historical city of Marib, capital of the Kingdom of Sheba; a time when Yemen was one of the richest civilisations in the world”.

The other two vessels are being constructed by Mitsubishi Heavy Industries in Nagasaki, Japan for the ship owner, MISC. Due to the efficiency of their engines and the state-of-the-art technology used in the four tankers, the vessels represent a new generation of LNG ships with lower energy requirements ensuring better fuel consumption and less emissions than conventional steam turbine powered LNG tankers.

Commenting on the event, Deputy General Manager of Yemen LNG Mr. Faisal Haitham stressed that “today’s event is a tribute to Yemen LNG’s commitment to deliver the project on time”. “I’m also pleased to say that”, Mr. Faisal added, “Yemeni marine cadets currently on training will join the crews operating these vessels in the near future”.

It is noteworthy that Yemen LNG is constructing and will be operating a two-train natural gas liquefaction plant with a guaranteed capacity of 6.7 million metric tonnes per annum (MMtpa), plus associated pipelines, storage and port facilities. The Project will monetise gas extracted from the fields dedicated for that purpose in the Marib existing fields of central Yemen. Yemen LNG has committed approximately 100% of the guaranteed Plant capacity under three 20-year take-or-pay LNG Sales and Purchase Agreements with Korea Gas Corporation, Total Gas & Power Ltd. and Suez LNG Trading S.A. Construction costs are estimated at approximately US$4 billion.

The project shareholders are TOTAL (Project Leader) (39.62%), Hunt Oil Company (17.22%), Yemen Gas Company (16.73%), SK Energy Co., Ltd. (9.55%), Korea Gas Corporation (6.00%), the General Authority for Social Security and Pensions of Yemen (5.00%) and Hyundai Corporation (5.88%)”, said a spokesperson from Yemen LNG.

For additional information, please visit contact the Public Relations team at: PR@YEMENLNG.COM or at 712002064 or 711311115