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August 21, 2002
MOL Moves to Expand Energy Transport Business
in North America and Europe
TOKYO- Mitsui O.S.K. Lines, Ltd. (MOL, President:
Kunio Suzuki) today announced plans to open
new sales offices in London and in Houston,
Texas, to expand its energy transport business.
The new offices will focus on meeting anticipated
growth in demand for transport of liquefied
natural gas (LNG).
MOLfs wholly owned U.S. subsidiary Mitsui
O.S.K. Bulk Shipping (USA), Inc. (Headquarters:
New Jersey) will open an office in
Houston
on September 1, with a full-time Japanese
staff, to explore new LNG business
with energy
companies in the United States. The
office
will also gather information on other
energy
sources such as methanol and compressed
natural
gas (CNG). In addition, it will prepare
for
MOLfs operation of four LNG carriers
equipped
with the EP Energy BridgeTM system for El Paso Corporation, a major U.S. energy
company, which signed contract to charter
these four ships in July 2001, together
with
the Belgium-based Exmar Group.
In Europe, MOLfs wholly owned subsidiary
in U.K., Mitsui O.S.K. Bulk Shipping (Europe),
Ltd. (Headquarters: London), established
its LNG Division on June 25. MOL Headquarters
dispatched a specialist to this office to
focus on strengthening sales and marketing
activities for LNG import projects in Spain,
France, Italy, the U.K., and other countries.
The new office will also work to ensure a
smooth start to the SNOHVIT LNG project involving MOL and Leif Hoegh & Co ASA, Norwayfs largest LNG carrier operator.
MOL will expand the office staff to oversee
technical maintenance, operation, and management
of LNG, methanol carriers, and other types
of vessels.
In LNG exporting countries, MOL has already
opened offices in Doha (Qatar) and
Muscat
(Oman), where the company forecasts
increasing
export volume.
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