Hyundai to Set Up LNG Shipping Firm

 30th APR 2007

Hyundai Heavy Industries Co., the world's biggest shipbuilder, said on Wednesday it will set up a shipping firm with Nigeria's state-run Nigerian National Petroleum Corp. (NNPC) to deliver liquefied natural gas. Hyundai will own 49 percent stake in the liquefied natural gas (LNG) joint venture shipping company, to be named Nigeria Korea Marine (NIKORMA) Transport Ltd., while NNPC will own 51 percent.

"The venture will operate on the premise that NNPC will produce LNG while Hyundai delivers the products," said a Hyundai Heavy spokesman. The company declined to comment on the cost of the joint venture. The shipbuilder will eventually deliver crude and oil products after initially focusing on LNG, Hyundai said. Earlier this year, Daewoo Shipbuilding and Marine Engineering Co. Ltd. said it will set up a similar shipping firm with NNPC, a joint venture called Nigeria Daewoo Shipping Ltd., which will transport merchant goods, crude oil and petroleum products.

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