Exmar led consortium may win Petronet LNG tender

New Delhi: The consortium of Exmar-Indian Oil Corporation-Varun Shipping is likely to get the contract for building a third liquefied natural gas (LNG) ship for Petronet LNG Ltd.  

Petronet, India's largest LNG importer, opened bids received for time chartering a 156,000 cubic meters LNG carrier. "The consortium led by Exmar of Belgium is the lowest bidder," Petronet Managing Director and CEO P Dasgupta said.

The company already has two 138,000 cubic meters capacity ships from consortium of Mitsui OSK Line-Shipping Corp of India-NYK Line ferrying 5 million tonne per annum of LNG from Qatar to its receipt terminal at Dahej in Gujarat. | Read more Finance news. |

The third ship, to be delivered in September 2009, would ferry the additional 2.5 million tonne LNG Petronet is to import from RasGas of Qatar from 2009-10, he said.

Dasgupta said Petronet will take a 21 per cent stake in the shipping consortium, which plans to build the ship at Daewoo's shipyard in South Korea at a cost of about $200 million.

IOC and Varun Shipping have 26 per cent a piece in the winning consortium, which beat Mitsui and TK to get the contract, while Exmar has the remaining 27 per cent.

While Petronet had hired the two 138,000 cubic meter carriers from consortium led by Mitsui at $69,000 per day rate (translating into $0.26 per million British thermal unit), the third tanker would come at a day rate of about $ 78,000.

Source: Sify Business, December 1, 2005
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