Kyushu Electric, Tokyo Electric Set Up Joint LNG Shipping Firm in Bahamas
Posted on: Tuesday, 16 August 2005, 12:00 CDT
Aug. 16--TOKYO -- Kyushu Electric Power Co. and Tokyo Electric Power Co. said Tuesday they have established a joint company in Nassau, Bahamas, to own and manage a vessel to transport liquefied natural gas.
The LNG ship will be built by Mitsubishi Heavy Industries Ltd. under a contract signed by the two power firms and the heavy machinery maker on March 30.
The joint company, Pacific Hope Shipping Ltd., is capitalized at 4.2 billion yen which is owned 60 percent by Kyushu Electric and 30 percent by Tokyo Electric. The remaining 10 percent was jointly put up by Mitsubishi Corp., Nippon Yusen K.K., Mitsui & Co. and Mitsui O.S.K. Lines Ltd.
As the LNG ship is due to be delivered in March 2009, Pacific Hope will begin operating the following month.
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Source: Kyodo News International, Tokyo
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