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"K" Line flexes LNG muscle

Tokyo: Japanese shipping line Kawasaki Kisen Kaisha Ltd. (K-Line), on behalf of Flex LNG Ltd., plans to launch the world's first floating LNG (FLNG) production platform in 2014 for Thailand's state-owned PTT Exploration & Production PCL (PTTEP). ??
K-Line will operate the offshore facility in a natural gas field in northwest Australian waters through Flex LNG, which is based in the British Virgin Islands. ??
K-Line is the largest single shareholder in Flex LNG, with a 15% stake. Additional stakeholders include JP Morgan Clearing Group, Credit Suisse Securities (USA), B Schulte Investment Holding, Bank of New York Mello SA/NV, and JP Morgan Chase Bank. ??
Japan's Nikkei business daily reported Flex LNG has already placed an order for four floating LNG production bases with South Korea's Samsung Heavy Industries Co. ??
"We are confident that the work undertaken to date by Flex LNG and Samsung Heavy Industries to develop one of the world's first LNG [floating production, storage, and offloading vessels] will enable this project to move ahead and achieve its near term goal of producing LNG as soon as practically possible," said Flex LNG Chief Executive Philip Fjeld. ??
Although just one facility will be used in conjunction with PTTEP, FLex LNG has ordered three more to prepare for future expansion. The final tab for the four facilities may reach as high as ¥500 billion. [30/04/10]?

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