MOL, ITOCHU AND ALGERIAN STATE OIL COMPANY SET UP LNG JOINT VENTURE
Mitsui O.S.K. Lines, Itochu Corp., Algeria’s state petroleum company Sonatrach and its shipping subsidiary Sntm-Hyproc are setting up a joint venture company for the transport of liquefied natural gas.
Each company will hold a 25-percent share in the venture.
The joint venture has agreed on a long-term charter of a new liquefied natural gas carrier for Sonatrach, and will order the 145,000-cubic-meter LNG carrier from Kawasaki Heavy Industries, Ltd.
The new LNG carrier will help Sonatrach continue to expand its sales, and will be jointly operated by Hyproc and MOL, a spokesman for the Japanese shipping group said.