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- Mitsui & Co., Ltd.
Corporate Communications Division
Three companies consortium comprising Mitsui & Co., Ltd, NYK Bulkship (Europe) Ltd (the 100% owned subsidiary of NYK Line) and Teekay Corporation has received a letter of intent from the Angola LNG Project for the long term charter (20 years) of 4 new LNG (liquefied natural gas) vessels. Final award of the charter contract is still subject to certain conditions. The consortium will work out the detailed terms of contracts with the Angola LNG Project and plans to place the order for 4 new LNG vessels once the certain conditions are met which are expected around the end of September.
The major US oil company Chevron is the operator of the development of the Angola LNG Project, which is the first LNG production project in Angola and was set up together with the Angolan national oil company Sonangol, BP and Total, and plans to export approximately 5m tonnes of LNG per year, principally to the US from 2011.
Angola produced about 1.4m barrels of oil a day in 2006, making it the second largest petroleum exporting country in sub-Saharan Africa after Nigeria. In recent years environmental problems stemming from flaring on board of associated gas that leaches out during oil production have been closing in on Angola, and the Angola LNG Project is an innovative project to produce liquefied natural gas using this associated gas as feed gas. It is a highly significant project for its efforts to be considerate towards the environment through the efficient utilization of limited resources and use of the clean energy source that is natural gas.
Mitsui has been involved in LNG production, transportation and marketing projects around the world since the 1980s and, through this project, as well as further strengthening our long-standing business partnerships with oil majors, we are the first trading company to have taken the largest share in and served as a leader of an LNG transportation company consortium.
We will continue to work to build an environmentally-friendly LNG transportation business around the world.
Angola LNG Project
|Investors||Subsidiaries of Chevron, Sonangol, BP, Total|
|Location||Zaire Province, near Soya in north western Angola|
|Expected reserves||10.5 trillion cubic feet|
|Supply quantity||5m tonnes per year|
|Supply to commence||2011|
|Ship||4 newly built membrane type LNG ships with a carrying capacity of 160,400 m3|
|Intended Ship-Owner||Overseas special purpose company owned by Mitsui 34%, NYK Bulkship (Europe) Ltd 33% and Teekay 33%|
|Charter period||20 years from 2011|
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