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Yemen: A mission from the International Monetary Fund (IMF) is set to visit Yemen this week to discuss financing support for the country, a sign that international lenders are willing to engage with a new government, Reuters has reported. The IMF said in July last year it was ready to provide fresh financial support to Yemen when the political turmoil was over so that the government would be able to implement economic reforms. "An IMF mission will visit Sanaa next week to discuss providing budgetary and balance of payments support under the Rapid Credit Facility, the IMF's concessional window for countries that have experienced an economic/political shock," an IMF spokesperson told the news service.
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Yemen: Yemen LNG has said it has delivered all of the liquefied natural gas it committed to supply in 2011, despite its gas feed pipeline being blown up in October, and said it plans to sell as much LNG as it can to Asia this year, Reuters has reported. "A pipeline sabotage occurred mid-October 2011 that was promptly repaired, allowing full delivery of the annual contracts quantities," the company said. Sixty per cent of Yemen LNG's exports went to Asia, while a quarter was sold into the Americas and 15% to Europe, with cargo diversions to higher paying customers boosting revenues by 40%.
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Yemen: Yemeni oil ministry has said output from an oilfield in the central region of the country operated by a subsidiary of the US-based Hunt Oil has stopped due to an explosion, Reuters has reported. The production facility is operated by Jannah Hunt Oil Co, which controls a total of 42,368 bpd output from four fields in the Jannah Block in Shabwah, according to Yemen's Petroleum Exploration and Production Authority (PEPA). "Production in the field has stopped because of the damage caused during the explosion," said a ministry official, adding that the well was producing some 7,000 to 10,000 barrels per day (bpd) before the blast.
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Yemen: Yemen's transport minister, Waaed Bazeeb has said the country will renegotiate a joint venture agreement with DP World to run the Aden container port because the Dubai-based operator has failed to fulfil its obligations, Reuters has reported. Yemen signed an agreement with DP World, the world's third-largest port operator, in 2008 to develop and run the port. "According to the operating agreement, the company was obligated to raise the number of containers arriving at the port to 900,000 by the end of last year," he said. "The number is not higher than 140,000 containers." DP World had also failed to build a berth extension and had neglected an obligation to employ 450 workers from the previous port operator, the minister added.
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Yemen: Dubai-based SPD, a well engineering consultancy wholly-owned by Petrofac, is looking to restart drilling in Yemen within months, The National has reported. The company was helping in the development of Yemen's prized Block Four when unrest forced it to suspend operations last March. Yemen, where SPD has done work for the part-UAE owned DNO and OMV oil companies as well as the South Korean state producer Korea National Oil Corp, once generated about $20m (Dhs73.4m) in revenues each year.
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