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December 11, 2009

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Home » Business » Transport

Shipper floats JV for LNG vessel

CHINA LNG Shipping is thinking of a joint venture with Malaysian companies to buy a LNG carrier to ship fuel from Malaysia to Shanghai's Yangshan Deep-water Port, sources familiar with the matter said.

The firm is expected to sign a deal later this month with Shanghai Hudong-Zhonghua Shipbuilding Group in Pudong New Area to build the vessel, the officials said.

Part of the city's natural gas source is now imported from Malaysia under free on board contract with Malaysia LNG Tiga Sdn Bhd providing the vessel. The new vessel, if a deal is signed, will add to the city's fuel supply.

According to previous contracts, Malaysia will supply 4 billion cubic meters of liquefied natural gas annually to the Shanghai terminal until 2012.

Hudong-Zhonghua yesterday delivered its fifth home-made LNG carrier, "Dapeng Star." The carrier will be used in the Guangdong LNG project to carry the fuel from Australia.

The five carriers are used by China LNG Shipping (Holdings) Co to transport the gas from overseas terminals to domestic ports. China LNG Shipping is a joint venture set up in August 2004 by Cosco Shipping Co, China Merchants Group and China National Offshore Oil Corp.

Three of the five vessels are used to carry LNG from Australia to Guangdong Dapeng LNG Co and the other two serve LNG terminals in Fujian Province.

The central government has approved construction of LNG terminals in coastal areas in Guangdong, Fujian and Zhejiang provinces as well as Shanghai.


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