Japanese consortium supplying India with LNG

TOKYO - Mitsui O.S.K. Lines (MOL), The Shipping Corporation of India, Ltd. (SCI), Nippon Yusen Kabushiki Kaisha (NYK), and Kawasaki Kisen Kaisha, Ltd. (K-Line) today announced a joint project to ship liquefied natural gas (LNG) from Qatar to India.

Called Petronet LNG Limited and based in New Delhi, the joint venture will operate two new 138,000 m3 LNG carriers. The agreement was signed in New Delhi on March 31.

The first carrier will be launched in December 2003 and sail under a 24-year charter contract. The second vessel is slated for launching in December 2004 and will operate on a 23-year charter pact.

Both ships will transport LNG imported by Petronet from Ras Laffan, Qatar, to India. Annual import volume will be about 5 million tons.

The consortium has placed orders for the new ships with Daewoo Shipbuilding & Marine Engineering Co., Ltd. of South Korea.