ENRONS LNG CARRIER DEAL

Vol 2, PW 25 (06 Jan 99) News in Brief
     

Enron has announced a $200m joint venture with the Shipping Corporation of India (SCI) and Japans Mitsui to transport LNG from the Gulf to its Dabhol power project in Maharashtra.

Mitsui will hold 70% equity; Enron will have 20%; and SCI will hold the balance 10%. Sanjay Bhatnagar, Enron country manager, said Enron will invest in the shipping consortium through its affiliate "Atlantic Commercial".

Bhatnagar said the consortium will own and operate a 135,000 cubic metre LNG tanker to be built by Mitsubishi Heavy Industries Shipyard. Ship construction is expected to start in the first quarter of 1999 and the first LNG delivery is likely to be in the last quarter of 2001.