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MISC firms up Nigeria LNG venture

MISC firms up Nigeria LNG venture

Kuala Lumpur: MISC Tuesday said it has signed a shareholders pact with three companies to set up a liquefied natural gas joint venture in Nigeria.

The three companies are Nigerian National Petroleum Corp., Hyundai Heavy Industries Co. and Deepwater Shipping and Marine Co., MISC said in a filing to the stock exchange.

MISC said it will hold a 30% stake in the joint venture company known as Nikorma Transport Ltd. while Nigerian National Petroleum Corp. will own 51%. Hyundai and Deepwater will take 11.5% and 7.5% respectively.

MISC, which owns the largest fleet of LNG vessels in the world, said the joint venture will help develop the Nigerian LNG industry by providing marine transportation of LNG, as well as development, structuring, financing and operation of the LNG business.  [30/01/08]