Yemen cancels a natural gas project at $ five billion

Yemen on Thursday said it might abrogate a project for producing liquid natural gas at a value of $ 5 billion, that has been for long postponed, if "Total Elf ", the French energy giant company and other share holders will not implement this project by the fall of the mid of the next month June.

The Yemeni foreign minister Abdul Qader Bajmal said that a meeting will be held on June 16 with the "foreign consortium" will decide the fate of the Yemen company factory for producing liguid natural gas which is intended to be established.

Total Elf owns 36% of the factory whose annual production capacity will be 3.5 million tons annually. The other share holders are the two American companies of Hunt Oil and Axon Mobile Corp who jointly have a 30% of the project.