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June 11, 2004
ITOCHU · MITSUI O.S.K. LINES ESTABLISH JOINT
VENTURE LNG TRANSPORTATION COMPANY WITH ALGERIAN
PARTNERS AND CONSTRUCT NEWBUILDING MEDMAX
LNG CARRIER AT UNIVERSAL SHIPBUILDING CORP.
Sonatrach (Algerian State Owned Hydrocarbon
Company), Hyproc (Shipping Company wholly
owned by Sonatrach), ITOCHU and MOL have
agreed to establish the joint venture company
(shareholding ratio 25% each) to construct
newbuilding 75,500 cbm LNG Carrier and charter
that Vessel to Sonatrach on long term.
Four (4) joint venture partners jointly carried
out the international tender to select the
shipyard and as a result of such tender,
gave an award to Universal Shipbuilding Corp
for one firm (1) plus one (1) option 75,500
cbm LNG carriers (delivery in 2007 and 2009).
This Vessel is called as Mediterranean Max,
which has been designed and optimized to
trade in Mediterranean Sea and have the largest
cargo loading capacity in this type of Vessel.
Algeria started LNG export in 1961 as pioneer
and since then, now becomes the worldfs
second largest exporter of LNG in the world
(abt. 20 million ton per year in 2002). Sonatrach
plan to use these vessels for LNG trade to
European countries, mainly in Mediterranean
trade and reinforce its ability to transport
and sell LNG from Algeria further. After
delivery from the shipyard, these vessels
will be operated under the joint collaboration
between Hyproc and MOL..
ITOCHU is proud of business record
with Sonatrach
for more than 30 years since 1969 by
making
an integrated approach from upstream
to downstream
and very eager to expand LNG transportation
business. MOL is actively involved
in LNG
transportation project all over the
world
and a leading shipping company in this
area.
ITOCHU and MOL established similar
joint
venture company with Sonatrach and
Hyproc
in 2002 and one (1) 145,000 cbm LNG
Carrier
is now under construction at Kawasaki
Shipbuilding
Corporation. The Vessel is scheduled
to be
delivered in October, 2004 and chartered
to Sonatrach on long term after delivery
from the shipyard.
ITOCHU and MOL have been consecutively
involved
in LNG transportation project for Algeria,
2nd largest LNG exporter, and enhance
close
relationship with Sonatrach and Hyproc
further.
ITOCHU and MOL are very keen to contribute
for further development of energy sales and
transportation for Algeria.
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