China Shipping Development gears up for LNG debut

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Shanghai: China Shipping Development Co said on Wednesday that it would shortly sign an agreement with a unit of top Chinese oil and gas producer CNPC to set up a $5 million joint venture to ship liquefied natural gas (LNG).
China Shipping would account for 90 percent of the venture and CNPC International the remainder, China Shipping said in a statement published in the official Shanghai Securities News.
CNPC is the parent of Petrochina.
Cosco, China Shipping’s peer, has a similar tie up with CNOOC, another Chinese oil major for gas transport. [11/03/09]