A NEW LNG SHIPPING FLEET FOR INDIA

Vol 3, PW 12 (07 Jul 99) News in Brief
     

Is India planning an LNG fleet of its own Oil minister Vazhappady Ramamurthy has announced the government has a plan to set up an LNG shipping company.

"We must have our own fleet and develop expertise in handling LNG as it is the fuel of the future". The minister said the company would proceed in a "planned manner" to purchase LNG carriers, but gave no indication as to how the project would be financed.

In February this year, Enron (25%) and Mitsui (75%) secured a $165m loan for the construction of an LNG carrier built by Mitsubishi. Shipping Corporation of India (SCI) has an option to take a 20% stake in the venture.