CNOOC to acquire Yemen LNG

(Shanghai Daily)
Updated: 2007-01-29 11:27
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China National Offshore Oil Corp (CNOOC) is in discussions to acquire Hunt Oil Co's stake in Yemen's first liquefied-natural-gas operation for about US$600 million, the Wall Street Journal reported, citing unidentified people familiar with the situation.

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Hunt has a 17.2 percent stake in Yemen LNG Co, which is planning a US$3.7 billion project as it tries to produce 6.7 million tons of liquefied gas a year, the Journal said.

CNOOC declined to comment, the Journal said. Closely held Hunt "doesn't discuss business transactions," spokeswoman Jeanne Phillips said.