October 17, 2002

Japanese Consortium signs Long-Term Charter Agreement for New LNG Carrier
with Ras Laffan Liquefied Natural Gas Co. Ltd II

Doha, Qatar -A consortium comprising Mitsui O.S.K. Lines, Ltd. (MOL), Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. ("K" Line),Exmar(CMB's gas tanker division) and Qatar Shipping Co. Q.S.C (Qatar Shipping) announced the signing of a 25 year long-term charter agreement on October 16 for a new 138,000 m3 liquefied natural gas (LNG) carrier to transport LNG for Ras Laffan Liquefied Natural Gas Co. Ltd II (RasGas II).

The new ship, to be built by Samsung Heavy Industry Co., Ltd. and using a membrane system, is scheduled for delivery in December 2003. The ship will be employed in the exportation of LNG from Ras Laffan, Qatar to either North America or Europe.
MOL will be appointed the shipmanager of the ship.

In Qatar, two companies are currently producing and exporting LNG, Qatar Liquefied Gas Company, who export 6 million tons annually to Japan, and Ras Laffan Liquefied Natural Gas Co. Ltd, who export 4.8 million tons annually to Korea.

RasGas II, a company 70% owned by Qatar General Petroleum Company and 30% by ExxonMobil, was established to expand LNG production facilities by 2 LNG trains.
Now under construction, the facilities will produce 9.4 million tons of LNG annually when operational for export to Petronet LNG Ltd of India, Edison Gas S.p.A of Italy, and the North American /European markets.