KOGAS to Pay More for Yemeni LNG

Korea Gas Corporation (KOGAS) has agreed to pay a higher price of $14 per million Btu for the LNG it buys from Yemen, reports Saba News Agency.

As per the news report, the new price will be effective retroactively to Jan. 1, 2014. KOGAS earlier paid $3.15 per million Btu according to a deal signed in 2005.

The Korean firm imports two million metric tons of gas per year from Yemen.

TheYemeni government is also in talks with Total and GDF to raise LNG price to make it in line with the international market rates, Saba adds.

Total has been purchasing LNG at the rate of $1 per million Btu since November 2009.

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