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Malaysian carrier MISC Berhad has agreed to form
a joint-venture (JV) company specializing in
providing floating liquefied natural gas (LNG)
engineering solutions and services worldwide.
The
JV with state-owned Petronas International
Corporation Limited (PICL) and UK's Mustang
Engineering Limited was agreed April 30, 2009,
the company said in a statement to Bursa
Malaysia last week.
MISC said the move is "in line with its
aspiration to be a leader in LNG
transportation."
Under the agreement, MISC will hold 30% interest
in the JV while PICL and Mustang Engineering
will hold 60% and 10% respectively.
According to the statement, the initial paid up
capital of the JV company is $500,000 but will
be increased up to $10 million as and when
required.
In a separate statement issued by PICL, the
company said the JV will focus on accomplishing
a front end engineering design for a project in
Malaysia.
"The project has already progressed to achieve
first gas production from a floating LNG
facility in late 2013. Prospects for projects
outside Malaysia are currently being assessed,"
PICL said.
Source: TankerWorld
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