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HHI to set up Nigerian jv

HHI to set up Nigerian jv

Seoul: The Hyundai Consortium, lead by Hyundai Heavy Industries, has revealed plans to establish a liquefied natural gas (LNG) shipping firm with Nigeria's state-run Nigerian National Petroleum Corporation (NNP) next month.

Under the agreement, HHI, which will own a 49% stake in Nigeria Korea Marine (NIKORMA) Transport, will be in charge of shipping the products from the project. "The objective of NIKORMA is broadly the marine transportation of liquid petroleum products initially focused on LNG," HHI said in a statement, adding, "Hyundai Consortium composed of world best shipbuilders and shipping companies expects to contribute toward the success of NIKORMA by providing world class shipping services to Nigerian LNG shipping industry as well as making a contribution to the development of Nigerian economies." Neither company has disclosed the amount invested to set up the jv.

NNP announced a similar jv agreement with Daewoo Shipbuilding and Marine Engineering in January this year. The venture named Nigeria Daewoo Shipping will see Korea-based DSME in charge of management and transportation while NNP is to supply crude oil for shipping.  [26/04/07]