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MOL joins hands with ExxonMobil for LNG projects

MOL joins hands with ExxonMobil for LNG projects

Tokyo: Mitsui O.S.K. Lines has seen a spike in its LNG activities for ExxonMobil, with the award of two long-term charters for its 177,000cu mtr LNG carriers by an ExxonMobil affiliate led co-venture Papua New Guinea LNG Project. The vessels, which are co-owned by Itochu Corporation (30%), are due for delivery from Hyundai's Korean yards. They will boast the state-of-the-art tri-fuel-diesel electric propulsion systemsbe operated by MOL.

The Japanese shipping giant also entered into two Heads of Agreement with the PNG LNG Project and an ExxonMobil affiliated company in the Gorgon Project, to construct four LNG vessels at undisclosed China-based yards that will enter long term charters for the projects upon delivery in 2014-2016.

"MOL has a proven track record of providing first class transportation for large scale LNG projects in the Asia Pacific and Middle East regions for over 30 years," the company said in a statement. "MOL is also proud of its long association with ExxonMobil and their affiliates and joint ventures and is looking forward to working with them and their partners in the years ahead. MOL will make the best use of its expertise, experience and resources throughout its global organisation to achieve the objectives of the two projects and to meet the high expectations of its new customers."  [03/03/10]