June 30, 2006

MOL and Oman Shipping Company
Agree to Establish Two JV Tanker Companies
- Co-sharing Product Tanker and VLGC -

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that MOL and Oman Shipping Company S.A.O.C. (OSC), wholly-owned by The Government of Sultanate of Oman, have agreed to establish two joint-venture companies that will provide ocean transport services by a LR2 product tanker and a very large gas carrier (VLGC) respectively, with a 50% ownership stake each.

Backgrounds
The Government of Oman established OSC and has developed the shipping industry in Oman through the company.　For OSC to move into the tanker business, MOL and OSC established two joint-venture companies that will provide ocean transport services in June 2005. One company will provide its services via a new LR1 product tanker and the other with a very large crude carrier (VLCC). MOL has enhanced cooperation and business ties with OSC through its performance and know how. Establishing the two new companies further strengthens ties between MOL and OSC and brings a more proactive approach to energy transport.

Reference:
LR2: 110,000-dwt class product tanker.