Mitsui O.S.K. Lines, Ltd. (MOL) and GAIL (India) Limited (GAIL; headquarters: New Delhi), a central public sector undertaking under the Ministry of Petroleum and Natural Gas, Government of India, and the largest gas and gas supply company in India, announced their merger.
A 100% owned subsidiary of MOL entered into a charter agreement for the new LNG vessel and joint ownership of the existing LNG vessel.
The new construction vessel is the second MOL Group LNG vessel to serve GAIL; the parties concluded the contract for the first ship in 2019 (note).
The current vessel continues to be chartered to GAIL through its wholly owned subsidiary MOL as of 2021, and even now GAIL appreciates MOL’s shipping service. Currently, MOL and GAIL have reached an agreement to share the ship, transferring part of the 100% shares of the subsidiary of MOL to GAIL.
By strengthening the partnership between MOL and GAIL, a synergy will be created that will enable us to provide even more reliable services and lead us to further expand our services in the future, considering the growing demand.
MOL makes regional strategies one of the pillars of the 2022 budget management plan “Rolling Plan 2022” and takes a proactive stance to expand business in Asia, especially India, as the region has strong growth potential. It is strengthening its presence and business in India, where energy demand is expected to grow. The company continues to work proactively to provide high-quality LNG transportation services that precisely meet the needs of customers, leveraging the know-how and network gathered as one of the largest LNG ship owners and management companies in the world.
GAIL is continuously expanding its global presence by participating in natural gas value chain projects. With a global LNG portfolio of approximately 1
MMTPA, GAIL has emerged as one of the world’s leading LNG suppliers and is actively trading LNG in international markets.
[Outline of the newbuilding vessel]
|imension||LOA: 294.9m, Breadth: 46.4m|
|Type||174,000m3 membrane type|
|Shipyard||Daewoo Shipbuilding & Marine Engineering Co., Ltd.|
|Charter period||From 2023|