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BP partners KMarin and ICBC Leasing for $1bn LNG carrier fleet expansion

BP partners KMarin and ICBC Leasing for $1bn LNG carrier fleet expansion
BP has partnered with Kmarin and ICBC Leasing to invest over $1bn in six LNG carriers.

The six new LNG carriers will be delivered in 2018 and 2019 and will support BP's growing LNG portfolio globally including a 20-year liquefaction contract with the Freeport LNG facility in Texas.

BP said its financing partners KMarin and ICBC Leasing were investing over $1bn in the new vessels.

“These vessels will significantly increase BP’s ability to safely transport LNG to anywhere in the world, directly supporting BP’s global natural gas strategy,” said BP Shipping ceo Susan Dio. “They also will be among the most fuel-efficient and technically advanced LNG tankers ever built.”

The company said the new ships would be about 25% more fuel-efficient than its existing vessels.

BP's 2017 Energy Outlook forecast that the global LNG trade would grow seven times faster than pipeline gas accounting for half of globally traded gas by 2035.

“BP has built a diverse LNG portfolio spanning both established and emerging markets,” said Alan Haywood, ceo of BP’s global supply and trading business. “Freeport is the latest example of how BP continues to expand the reach of our LNG business and serve our customers with flexible solutions through leveraging our scale, connectivity and relationships - and another sign of our commitment to remaining at the forefront of this rapidly growing and important global business.”

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