Angola LNG seeks LNG transportation vessels

Uchenna Izundu
International Editor

LONDON, Aug. 6 -- Angola LNG has signed a letter of intent with a consortium led by Mitsui & Co. to charter four new LNG vessels for 20 years starting in 2011.

The consortium, which also includes NYK Bulkship (Europe) Ltd., and Teekay Corp., hopes to construct membrane type LNG ships that have a capacity of 160,400 cu m each.

The consortium will establish a new company to manage the ships. Mitsui will hold 34% in the company, NYK Bulkship 33%, and Teekay 33%.

"Final award of the charter contract is still subject to certain conditions," Mitsui said. The consortium will work out detailed contract terms with the Angola LNG project, and it plans to place the order for four new LNG vessels once the conditions are met. These are expected "around the end of September," said Mitsui.

Angola LNG, led by Chevron Corp., is a 5-million-tonne/year liquefaction plant in Zaire Province, near Soya in northwestern Angola, that would export cargoes to the US beginning in 2011. The plant will use associated gas that otherwise would be flared.

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