CPC to join hands with NYK

Taipei: NYK and Mitsui & Co conducted a signing ceremony with Taiwan's Chinese Petroleum Corporation (CPC) last week for the 25-year long term contract, awarded in July, to transport 3m tonnes of gas annually from Qatar to Taipei. NYK will set up a ship management company to handle the operation, into which CPC - pending ROC government approval - plans to buy shares worth 45%. The LNG contract, which will start in 2008 is worth approximately $2.7bn per annum. [23/10/06]