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The Joint
Venture Agreement to form a company, Brunei Methanol
Tanker Sdn Bhd (BMT), for the Brunei Darussalam Methanol
Tanker Project was signed on 11 April 2008 between
PetroleumBRUNEI (on behalf of its subsidiary PB
Logistics Sdn Bhd), Kokuka Sangyo Co. Ltd (KSK) and
Itochu Corporation.
The Brunei Methanol Tanker Project
is the first direct spin-off resulting from the Brunei
Methanol Company (BMC). PB Logistics Sdn Bhd is the sole
local and majority shareholder in this Project, owning a
50% share.
KSK, a subsidiary of Mitsubishi
Gas Chemical Company (MGC) holds a 30% share while
ITOCHU holds 20%.
The main business of this joint
venture will be to transport methanol produced by BMC to
its customers. Brunei Methanol Tanker Sdn Bhd has
acquired a newly built dedicated chemical tanker from
Ningbo Dongfang Shipyard in China for this project. The
vessel which is 5500 metric tons of deadweight(DWT) in
size will be operated by KSK once it is commissioned in
2010.
Subsequently, Brunei Methanol
Tanker signed the Facility Agreement with Baiduri Bank
on 7 August 2008 to finance the project.
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