We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 1 May 2007 12:00 AM

Font Size

- Aa +

NNPC forms LNG team

Nigeria's state-run Nigerian National Petroleum Corporation (NNPC) will set up a shipping firm with Hyundai Heavy Industries to deliver liquefied natural gas (LNG).

Nigeria's state-run Nigerian National Petroleum Corporation (NNPC) will set up a shipping firm with Hyundai Heavy Industries to deliver liquefied natural gas (LNG).

Hyundai will own a 49% stake in the LNG joint venture shipping company, which will be called Nigeria Korea Marine (NIKORMA) Transport, while NNPC will own 51%.

"The venture will operate on the premise that NNPC will produce LNG while Hyundai delivers the products," said Hyundai in a statement.

The company declined to comment on the cost of the joint venture, but said the shipbuilder will eventually deliver crude and oil products.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.