Marubeni in $700m foray with BW Gas

Tokyo: Marubeni Corp is acquiring a 49% stake in eight LNG carriers from BW Gas its first move in natural gas shipping. Marubeni is paying $700m for the 49% stake in the ships which are on long term charter to Nigeria LNG for a maximum period of 22 and half years. The Japanese trading house and BW will be establishing a joint venture in Bermuda. Marubeni said it was looking to expand its businesses in the energy transportation business. "Marubeni and BW Gas wishes to take the opportunity afforded by this partnership to expand their cooperative ties in LNG and other energy transportation businesses," the company said. [14/10/10]