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Wed 4 Jul 2007 01:15 PM

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OSC strengthens alliance with MOL

Japanese shipping firm Mitsui O.S.K. Lines (MOL) president Akimitsu Ashida has announced a memorandum of understanding with Oman Shipping SAOC (OSC), the national shipping company wholly owned by the government of Oman.

OSC strengthens alliance with MOL
MOL: the Japanese carrier already owns six LNG carriers jointly with OSC.

Japanese shipping firm Mitsui O.S.K. Lines (MOL) president Akimitsu Ashida has announced a memorandum of understanding with Oman Shipping SAOC (OSC), the national shipping company wholly owned by the government of Oman.

The move will aid OSC in responding to increased demand for shipping service as the country's economy grows. OSC chairman and minister of national economy Ahmed bin Abdulnabi Macki and MOL president Akimitsu Ashida signed the agreement at the MOL head office in Tokyo.

The government of Oman continues to develop new petrochemical and gas related projects, generating new demand for shipping services and transport of raw materials.

To meet this expanding demand, the memorandum between MOL and OSC covers the dry bulker business, in addition to liquefied natural gas carriers and oil tankers. With this memorandum, MOL will become more deeply involved in Oman's ocean shipping business.

MOL and OSC agreed to establish a new company that will own a new 110,000 tonne capacity product tanker at the same meeting. Each company will hold a 50% share.

MOL and OSC established joint companies when OSC moved into the tanker business. Two companies (one for a VLCC, another for a product tanker) were launched in June 2005, and two more (one product tanker, another for an LPG carrier) were started in June 2006.

The latest joint venture is the fifth tanker project for MOL and OSC, who jointly own six LNG carriers already in service.

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