Friday, March 22, 2013

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China Shipping venture orders six LNG tankers for $1.2B

China Shipping Development's venture will order six liquefied natural gas tankers for about $1.2 billion by midyear to address China's demand for greener fuel, said Chairman Li Shaode.

"We will expand LNG transportation business to make it become a new profit growth driver as soon as possible," Li told reporters. "The deal means a 20-year shipping contract for us, which will bring us stable earnings."

The venture group, known as China Petrochemical Corp., will make the ship purchase. China Petrochemical Corp. is also known as Sinopec Group, China Shipping and Mitsui O.S.K. Lines.

Each new LNG tanker will carry 174,000 cubic meters of gas, according to Li, and will cost approximately $205 million each.

China plans to double its natural gas consumption to lower its dependence on coal and oil.

For more of the Bloomberg story: bloomberg.com

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