6-ship order to tap rising LNG demand
Source: Bloomberg News |
March 21, 2013, Thursday
|
Print Edition
Print Edition
CHINA Shipping Development Co's venture will order six liquefied natural gas tankers worth about US$1.2 billion by June to tap the nation's rising demand for cleaner fuel, Chairman Li Shaode said yesterday.
"We will expand LNG transportation business to make it become a new profit growth driver as soon as possible," Li said in Hong Kong. "The deal means a 20-year shipping contract for us, which will bring us stable earnings."
The addition of the LNG tankers comes as the world's largest energy consumer plans to more than double natural gas consumption to reduce its dependence on coal and oil.
The vessel purchase will be made by a venture owned by China Petrochemical Corp, also known as Sinopec Group, China Shipping and Mitsui OSK Lines Ltd and each ship will have a capacity to carry 174,000 cubic meters of natural gas, according to Li.
"We will expand LNG transportation business to make it become a new profit growth driver as soon as possible," Li said in Hong Kong. "The deal means a 20-year shipping contract for us, which will bring us stable earnings."
The addition of the LNG tankers comes as the world's largest energy consumer plans to more than double natural gas consumption to reduce its dependence on coal and oil.
The vessel purchase will be made by a venture owned by China Petrochemical Corp, also known as Sinopec Group, China Shipping and Mitsui OSK Lines Ltd and each ship will have a capacity to carry 174,000 cubic meters of natural gas, according to Li.
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