Cosco, CNPC to order LNG carrier trio at Hudong

  • Business developments & projects

A joint venture consisting of Chinese shipowner Cosco and energy giant CNPC is to order three liquefied natural gas carriers at Hudong Zhonghua Shipbuilding.

The price for each of the 174,000 cubic meter LNG carriers is $185 million, according to a statement by Cosco Shipping Energy Transportation.

The vessels will be used by CNPC’s Hong Kong-listed unit PetroChina.

Cosco unit Cosco Shanghai will have a 60 per cent stake in the joint venture, while Cosco Oil Shipping, the newly-formed joint venture between Cosco and CNPC, will take a 21 per cent share.

PetroChina subsidiary Jiafu Shipping will have the remaining 19 per cent of equity in the joint venture.

Cosco operates a fleet of 36 LNG carriers, out of which 30 of them are owned under joint ventures.

Worth mentioning here, this is the second LNG carrier order for Hudong Zhonghua Shipbuilding in the last seven days following the big announcement by Qatar Petroleum.

The deal potentially worth more than 11 billion Qatari riyals ($3 billion) involves up to sixteen 174,000 cubic meter LNG carriers to be built by Hudong Zhonghua.

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