Gulf Oil and Gas accountACCOUNT

Acquisition of the Interest in 8 LNG Vessels

Source: www.gulfoilandgas.com 10/14/2010, Location: Africa

Share |
Marubeni Corporation (“Marubeni”) has agreed with BW Gas Limited, Bermuda (“BWG”) to acquire 49% interest of 8 LNG carriers (“8 LNGCs”) presently owned by BWG under long-term time charter to Nigeria LNG Limited (“NLNG”). Marubeni’s acquisition cost is about US$ 700 million (equivalent to JPY about 60 billion). This is Marubeni’s first participation in owning LNG vessels.

Marubeni and BWG established a 49%/51% joint venture company (“JVC”) in Bermuda and the JVC acquires SPCs owning the 8 LNG vessels. The JVC arranges the project finance for the acquisition of the SPCs.

The 8 LNG vessels have been, since the deliveries from the shipyard in between 2004-2008, chartered by NLNG (a joint venture consisting of Nigeria National Petroleum Corp. 49%, Shell Gas BV 25.6%, Total LNG Nigeria Ltd 15% and Eni International NA NV 10.4%) and been engaged in LNG transportation from Nigeria to Europe and USA under the long-term LNG sales contracts. The charter contracts of 8 LNG vessels are for the period of maximum 22.5 years.

Marubeni and BWG wishes to take the opportunity afforded by this partnership to expand their cooperative ties in LNG and other energy transportation businesses.

Marubeni envisions energy supply chain including LNG transportation as one of the core growing business fields and does hope to expand its activities in energy transportation and other related marine business fields aggressively.

LNG Carriers News in Nigeria >>

Egypt >>  10/9/2017 - Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterran...
Ghana >>  10/9/2017 - The total oil production of developing countries (DCs) is estimated to grow by 0.09 mb/d y-o-y to average 12 mb/d in 2017, revised down by 0.02 mb/d i...

Mauritania >>  10/5/2017 - CH2M has been awarded a new marine engineering support contract on BP's innovative Tortue development offshore Mauritania and Senegal. The new energy ...
Ghana >>  10/4/2017 - Sparrows Group has formed Sparrows Offshore Ghana Ltd, a Joint Venture (JV) with local partner Hydra Group Limited, to deliver crane, lifting and insp...

Equatorial Guinea >>  10/2/2017 - Ophir Equatorial Guinea (Block R) Ltd, a 100% owned subsidiary of Ophir, has awarded the upstream construction contract for the Fortuna FLNG Project t...
Nigeria >>  9/27/2017 - Unique Group, one of the world’s most prominent integrated subsea and offshore solutions providers, has executed a dealer agreement with Norwegian-bas...

Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.