Croatian, Cypriot shippers form LNG joint venture

Uljanik Plovidba, Croatian shipping company has set up Uljanik Plovidba LNG, a joint venture with the Cypriot ETCA Caspian Limited. 

The two companies will both hold a 50 percent stake in the JV, that will focus on the transport and storage of liquefied natural gas.

In its statement on Monday, the Croatian shipping company said it intends to diversify its activities by expanding into the LNG and LPG carriers management market.

Dragutin Pavletić, the head of Uljanik Plovidba, said the LNG and LPG markets are seen as “attractive and interesting,” and would open the door to the company to participate in international LNG and LPG projects, especially in Asia where numerous natural gas infrastructure projects are being developed.

Uljanik Plovidba currently manages a fleet of nine vessels, comprising four bulk carriers and five tankers.