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Transpetrol buys back VLGC pair, quits jv

Transpetrol buys back VLGC pair, quits jv
Transpetrol Gas Holdings Limited (Transpetrol) has exercised an option to back out of an LPG-carrying joint venture with Stolt-Nielsen and Sungas Holdings.

The jv, Avance Gas Holding (AGH), purchased two VLGCs from Transpetrol in 2012 in exchange for shares and cash.

The buyback of the vessels and the return of Transpetrol's shares is expected to be completed in August 2013 and will leave Sungas and Stolt-Nielsen with a 50% stake in AGH each. The AGH fleet will be reduced to six gas carriers of around 83,000 cu m.