Regional LNG: Itochu, Mitsui O.S.K. join Sonatrach to ship LNG
Friday, June 11 2004 - 04:26 AM WIB
Japanese firms, Itochu Corp. and Mitsui O.S.K. Lines Ltd., have reached an agreement with Sonatrach, an Algerian state-owned oil and gas company, to build and operate ships to transport liquefied natural gas, the Nihon Keizai Shimbun reported Friday.
The business daily said the trio and a marine transport unit of Sonatrach will set up a company to build two 75,500-cubic meter LNG carriers under a 35 billion yen investment project.
Japan's Universal Shipbuilding Co. will build the two carriers in 2007 and 2009, the report said, adding the carriers will be lent to Sonatrach for LNG shipping to Greece, Italy, Spain and other countries on the Mediterranean coast.
Demand for LNG is growing because of rising oil prices and the fight against global warming, the report said. Algeria is one of the world's largest LNG exporters. (*)