Venture to charter tankers to Sonatrach

Eric Watkins
Senior Correspondent

LOS ANGELES, Dec. 1 -- Malaysia International Shipping Corp. Bhd. (MISC) said its wholly owned subsidiary American Eagle Tankers Inc. Ltd. (AET) has entered into a joint venture agreement with Algeria's Sonatrach, Sonatrach Petroleum Transportation Co., and Hyproc Shipping Co.

MISC said the JV will acquire, own, operate, and charter petroleum tankers to Sonatrach or one of its affiliates involved in the marketing and transporting of crude oil worldwide.

The joint venture company is to start operations in January 2008. AET will hold a 50% stake; the two Algerian firms will hold 25% each.

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