Singapore: Cosco Shipyard has entered into an agreement with Jiangsu Lianyungang Port to form a joint venture company named Cosco Lianyungang Shipyard Co. (Cosco Lianyungang).
Cosco Lianyungang has a registered capital of $24.7 million. Cosco Shipyard (Group) has 60% shares in the venture, with Jiangsu Lianyungang holding 40%. Cosco Lianyungang will be a subsidiary company of Cosco Shipyard (Group).
Cosco Lianyungang also announced that it has won an LNG-to-Chip-vessel conversion project from TMT Co.
DBS Vickers in Singapore applauded the move suggesting it would allow Cosco's Nantong yard to concentrate on oil and gas and offshore projects. [07/01/08]
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