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Japan-based Marubeni Corporation is acquiring a 49 percent interest in eight BW Gas-owned LNG carriers. The joint venture will see Marubeni invest close to US$ 710 million for their stake.

The eight LNG vessels were delivered from 2004 to 2008 and have since delivery been chartered by Nigeria LNG Limited, a joint venture comprising Shell Gas BV, Total LNG Nigeria Ltd, Eni International NA NV together with Nigeria National Petroleum Corp. The vessels have been engaged in LNG transportation from Nigeria to Europe and USA under long-term 20 year contracts.

This is Marubeni’s first investment in LNG vessels. Marubeni says it envisions the energy supply chain including LNG transportation as one of its core growing business fields.

During the signing ceremony in Singapore on October 11th, Mr Kaoru Iwasa, Executive Officer and Chief Operating Officer, Transportation Machinery Division stated: "We have high regard for BW Gas’ quality standards in technical and commercial services. We hope to use this project to expand our activities in energy transportation and other related marine business fields aggressively."

BW Group CEO Andreas Sohmen-Pao says: "This is a win-win partnership. Marubeni has the opportunity to invest in a well established LNG business with long-term cashflows, while BW is rebalancing its asset portfolio and establishing a partnership to pursue future opportunities."