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Cabinet clears SCI's jt venture investment proposal

Our Bureau

New Delhi , March 4

The Union Cabinet on Saturday approved Shipping Corporation of India's plan to invest $20.88 million (Rs 92.1 crore) for 33.77 per cent stake in a joint venture company in Panama.

Other partners in the venture are Mitsui OSK Lines of Japan with a stake of 33.77 per cent, Nippon Yusen Kabushiki Kaisha (21.64 per cent) and Kawasaki Kisen Kaisha (10.82 per cent).

The joint venture is for Dahej expansion project of Petronet LNG Ltd.

The share of SCI in the new venture may go down to 26 per cent if Petronet LNG or its nominee exercises the option to take up 23 per cent share in it, the Minister for Parliamentary Affairs, Mr Priyaranjan Dasmunsi, said.

While an initial quantity of 5 million tonne per annum is being transported on two LNG tankers also owned by joint venture companies, where SCI is already participating with Mitsui OSK Lines, Nippon Yusen Kabushiki Kaisha Lines, Qatar Shipping Company and Kawasaki Kisen Kaisha, the proposed joint venture will be formed to transport the additional quantity of 2.5 MTPA required for the expansion project at Dahej terminal.

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