Gulf Oil and Gas accountACCOUNT

Mitsui O.S.K. Lines Ltd. to Acquire Strategic Stake in Six Group Companies

Source: www.gulfoilandgas.com 4/17/2019, Location: Asia

Reliance Ethane Holding Pte. Ltd. (“REHPL”) (incorporated in Singapore, a wholly owned subsidiary of Reliance Industries Limited (“RIL”), having 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (“VLEC” or the “Vessel”)), Mitsui O.S.K Lines Ltd. (“MOL”) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (“SPVs”), each owning a VLEC.

Transaction closing is subject to regulatory approvals. Post closing SPVs shall be jointly controlled by REHPL and MOL.

Speaking on this strategic transaction, Mr. P.M.S. Prasad, Executive Director, RIL, said “Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs. We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs”.

Mr. Takeshi Hashimoto, Member of the Board, Executive Vice President, MOL said, “This investment would enable MOL to add six unique VLECs, which we have been operating for some time now, as owners to its existing fleet of over 850 vessels which include LNG carrier, other tankers, dry bulkers, car carriers, ferries and coastal RoRo ships and cruise ships.

We also have container ships which are chartered by ONE. MOL has detailed knowledge about these assets having supervised the construction and delivery of the six VLECs and subsequently operating them since their delivery. We are therefore happy and look forward to use this strategic opportunity to be a joint owner and to significantly strengthen our existing relationship with Reliance”.

Mergers and Acquisitions News in Japan >>

Indonesia >>  5/22/2019 - Medco Energi has announced the completion of the acquisition of Ophir Energy in a recommended all cash offer valued at £408.4 million. Ophir’s assets ...
United Kingdom >>  5/21/2019 - Phusion IM has established a significant partnership with global IT solutions specialist, Sword, to deliver services that will empower organizations i...

United States >>  5/21/2019 - With reference to announcements on 2 May 2019, TGS-NOPEC Geophysical Company and Spectrum have announced that their respective board of directors have...
Japan >>  5/15/2019 - Marubeni Corporation (Marubeni”) hereby announces a merger (hereinafter, “this Merger”) of two Marubeni subsidiaries: Marubeni Wireless Communicatio...

Thailand >>  5/15/2019 - Sparrows Group has selected Thai service and supply company J. S. Technical Services Co., Ltd. (JST) to act as their sole agent in the Kingdom. ...
United Kingdom >>  5/15/2019 - Talon Petroleum Limited (Talon) is pleased to advise that it has completed the acquisition of EnCounter Oil Limited. Accordingly, Talon now holds 100%...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Japan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.