Regional LNG: Yemen LNG submitted lowest bid for Kogas supply: Report

Yemen LNG, led by France's Total SA, submitted the lowest bid ?by a considerable margin? to supply liquefied natural gas to South Korea, Bloomberg quoted a report by the Middle East Economic Survey (MEES).

Korea Gas Corp. is expected to award the supply tender to one or more companies on Jan. 10. Four bidders, with LNG projects in Australia, eastern Russia, Iran and Malaysia, are thought to have bid similar prices to each other in a range that is above Yemen's price, MEES said. Some bids vary in delivery terms and other options, MEES said in its publication dated Jan. 3.

Total owns 43 percent of Yemen LNG. State-run Yemen Gas has a 23 percent stake in the project, Hunt Oil Co. 18 percent, South Korea's SK Group 10 percent and Hyundai Heavy Industries 6 percent, Cyprus-based MEES said.

Korea Gas initially invited bids from 12 gas projects in nine countries to supply it with $23 billion of LNG from 2008, when an accord with Indonesia ends. (*)