Cosco and PetroChina plan to build LNG ships in Hudong Zhonghua

On May 12, Li Junhai, General Manager of COSCO SHIPPING Petroleum, successfully signed the "Shareholder Joint Venture Agreement" on behalf of the company.
 
The project plans to build three 174,000 cubic meters LNG ships at Hudong Zhonghua with a total investment of about us $600 million, which will provide transportation guarantee for the LNG purchase and sales agreement between PetroChina and its subsidiaries in the future.
 
The project will be a joint venture in Hong Kong between COSCO SHIPPING LNG Investment (Shanghai), a subsidiary of COSCO SHIPPING Energy Transportation, COSCO SHIPPING Petroleum, and Glasford Shipping (Hong Kong) , a subsidiary of PetroChina International.
 
Among them: Shanghai LNG holds 60%; COSCO SHIPPING Petroleum holds 21%; Glasford Shipping holds 19%. The joint venture company has three single ship companies, and the single ship company is responsible for signing the subsequent shipbuilding agreement, charter contract and ship management agreement.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.