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MOL signs up to LNG Carrier jv

MOL signs up to LNG Carrier jv

Tokyo: Mitsui OSK Lines (MOL) has signed an agreement with Kansai Electric Power, and Iino Kaiun Kaisha for the joint ownership of a newly built LNG carrier (MOSS type, 145,000m3). MOL will hold a 15% share of the new vessel, Kansai Electric Power 70%, and Iino Lines 15%. The new LNG carrier is now under construction at Kawasaki Shipbuilding Corporation, and the joint owner company established by the three companies, based in the Bahamas, will be the shipowner when the tanker is launched. It is slated to go into service in May 2008.

The new ship will transport LNG purchased by Kansai Electric Power, mainly from the Pluto LNG project off Western Australia. This is the first LNG carrier in which Kansai Electric Power has taken direct ownership.

In a statement, MOL said that it is committed to offering safe, reliable and stable LNG transport service with the new ship through its extensive knowledge and technologies cultivated during long years of experience in LNG shipping industry.  [27/07/07]