MARAD REJECTS SHELL'S LNG TANKER BUY PLAN

03/19/1990
The U.S. Maritime Administration has rejected Shell International Petroleum Co.'s offer to purchase three liquefied natural gas tankers. The tankers, built with U.S. government subsidies, were designed to move Algerian gas to the U.S., but project sponsors defaulted, and Marad took possession of the tankers. Shell said Marad's decision could jeopardize the revitalization and growth of LNG imports from Algeria and Nigeria into mothballed East Coast and other U.S. terminals. MARAD'S DECISION In 1988, Shell signed an option to buy the tankers-Arzew, Southern, and Gamma-and designated three subsidiarie...
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