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MISC enters Papua New Guinea LNG market

Kuala Lumpur: MISC has entered into a joint venture with Petromin PNG Shipping Limited, an arm of Papua New Guinea's national oil, gas and minerals company, to provide LNG transportation solutions for projects in that country. The jv company, Western Pacific Shipping Limited, which is to be incorporated in Bermuda Islands, will be 60% owned by MISC, with Petromin PNG Shipping Limited holding the remaining 40%. With the development of two and possibly three LNG projects, the Papua New Guinea LNG industry is estimated to grow to 14.6 million tonnes per annum by 2015.  [16/04/10]

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