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February 21, 2006
MOL, NYK LINE, "K" Line, Shipping
Corporation of India
Make Deal on Long-Term Time Charter and Construction
of LNG Carrier
to Serve Petronet LNG
TOKYO - A consortium of Mitsui O.S.K. Lines,
Ltd. (MOL: President: Akimitsu Ashida), Nippon
Yusen Kabushiki Kaisha (NYK LINE: President:
Koji Miyahara), Kawasaki Kisen Kaisha, Ltd.
("K" Line; President: Hiroyuki
Maekawa), and Shipping Corporation of India
(SCI) today announced an agreement with New
Delhi-based Petronet LNG Limited (PLL) for
a long-term time charter of a new liquefied
natural gas (LNG) carrier. At the same time,
the consortium concluded an agreement with
Samsung Heavy Industries Co., Ltd. (Headquarters:
SEOUL, South Korea), to build the vessel.
PLL is the first LNG importer in India, and
has imported 5 million tons of LNG
a year
from Qatar since 2004, using two LNG
carriers.
PLL has decided to import an additional
2.5
million tons per year from Qatar. The
new
LNG carrier will supply this additional
LNG
under a long-term time charter contract.
The four-company consortium that won
the
contract for the new carrier also operates
the two vessels already in service,
and will
continue to ensure a steady supply
of LNG
to India, where energy demand continues
to
grow.
Outline of Charter Contract
| Date and place of contract signing |
February 21, 2006, New Delhi, India |
| Owner |
India LNG Transport Company (No.3) S.A. (Headquarters:
Panama), new JV by MOL, NYK LINE, "K"
Line, and SCI |
| Charterer |
Petronet LNG Limited |
| Charter period |
25 years after launch of the new LNG carrier
(September, 2009) |
| Vessel |
One new membrane-type LNG carrier (154,800m3) |
| Shipbuilder |
Samsung Heavy Industries Co., Ltd. |
| Ship management |
Kawasaki Kisen Kaisha, Ltd. |
[Reference] Outline of Petronet Project
| *Buyers: Petronet LNG Limited (PLL) |
|
(Main shareholders) |
|
GAIL (India) Limited (GAIL) 12.5% |
|
Bharat Petroleum Corporation Ltd. (BPCL)
12.5% |
|
Indian Oil Corporation (IOC) 12.5% |
|
Oil & Natural Gas Co., Ltd. (ONGC) 12.5% |
|
Gas de France (GdF) 10.0% |
|
Asia Development Bank (ADB) 5.20% |
|
GAIL: |
India's largest national gas company, with
a 95% share of the Indian gas market |
|
BPCL: |
India's third largest national petroleum
refinery and sales company |
|
IOC: |
India's largest national petroleum refinery
and sales company, and largest company in
India |
|
ONGC: |
National crude oil and natural gas extraction
and refining company |
| *Seller:Ras Laffan Liquefied Gas Company
Ltd. II (RasGas II) |
| *LNG purchasing volume/period: |
5 million tons per year, 2004-2027
2.5 million tons per year, 2009
- 2034 |
| *LNG discharging port: |
Dahji Port, Gujarato State of India |
| *Customers to buy gas: |
PLL has already concluded the trading contract
for natural gas including "Take or Pay"
conditions, with GAIL, BPCL, and IOC. GAIL,
BPCL, and IOC will sell the gas to IPP, fertilizer
and gas companies, and other customers. |
|