COSCO TO ENTER LNG SHIPPING MARKET
The China Ocean Shipping Co. group will enter the liquefied natural gas shipping market following the confirmation of an agreement to import LNG to Guangdong.
“As part of the key legal documents of Guangdong LNG Import Project, the memorandum of agreement for the leasing of scheduled LNG vessels is the first long-term leasing contract in the history of China’s oil and gas transport,” COSCO said.
The Chinese state-owned shipping group said that Chinese parties will take a leading role in the organization of the LNG transport.
This “will increase the management capability of China’s shipping industry, filling up the absence of China’s LNG shipping industry,” COSCO added.
Gao Weijie, vice president of COSCO, signed the memorandum of agreement on behalf of the Chinese group.