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Oman joint venture with MOL

Article-Oman joint venture with MOL

Oman joint venture with MOL

Muscat:  The Government of the Sultanate of Oman has signed an agreement with MOL for a 50% ownership stake in two joint-venture tanker companies. The state-run Oman Shipping Company (OSC) will lease an 83,000cu mtr LPG carrier and a 110,000dwt products tanker from each company, as it seeks to further develop the shipping industry in Oman.
OSC chairman Ahmed bin Abdul-Nabi Macki, also National Economy minister and deputy chairman of the Financial Affairs and Energy Resources Council, says the agreement comes within the context of diversifying resources of the national income and ensuring more revenues from the oil and gas sector. He added that, by 2009, the OSC fleet will reach 10 vessels.
It is not the first such agreement signed by MOL and OSC. The Japanese shipping group helped OSC move into the tanker business last year through two joint-ventures in a VLCC and products tanker. Previously, MOL also committed itself to help the Sultanate build up its own expertise in LNG shipping, by training local officers and sharing know-how. [21/07/06]

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