A Total-led group has appointed the arranging banks to lead the financing backing Yemen’s LNG project. The French oil company, is the main sponsor for the USD 4 billion liquefaction plant in the port of Balhaf on the southern coast of Yemen. It will be able to produce 6.7 million tonnes per year of LNG. The project financing comprises a USD 1.44 billion senior limited recourse facility – so-called because lenders are repaid from project cash flows and have limited recourse to the sponsors’ balance sheets – as well as a USD 1.2 billion loan that has a guarantee from Total.
