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July 27, 2007

MOL, Iino Lines, Kansai Electric Power
Agree on Joint Ownership of New LNG Carrier

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that MOL, the Kansai Electric Power Co., Ltd., and Iino Kaiun Kaisha, Ltd. (Iino Lines) have agreed on 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. MOL, as a partner, 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.

[Specifications]

Type 145,000m3-type LNG Carrier
Shipyard Kawasaki Shipbuilding Corporation, Sakaide Shipyard
Tank capacity (98.5%) Approx. 145,000m3
Deadweight Approx. 71,000MT
LOA Approx. 289.5m
Breadth Approx. 49.0m
Depth Approx. 27.0m
Design Draft Approx. 11.40m
Cargo tank MOSS type
Main Engine Steam turbine

[Outline of Pluto LNG Project]

Gas field

: Northwest of Western Australia, off Karratha

Member companies

: Woodside Energy Limited (100%)
Kansai Electric Power Co., Inc. and Tokyo Gas Co., Ltd.
each plan to acquire a 5% equity interest from Woodside Electric Power, Ltd.

LNG sales volume

: Kansai Electric Power: 1.75 million-2 million tons/year
Tokyo Gas:1.5 million-1.75 million tons/year

Start of shipment

: end 2010

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