MHI, Imabari in LNG tanker JV

Kyodo

Mitsubishi Heavy Industries Ltd. said Monday it will set up a joint venture in Tokyo on April 1 with Imabari Shipbuilding Co. to design and market liquefied natural gas carriers.

MHI said the project is aimed at meeting global demand for LNG carriers amid the suspension of nuclear power plants in Japan and the rise of shale gas production in the United States, in fierce competition mainly with South Korean companies.

MHI will contribute 51 percent of MI LNG Co.’s capital of ¥50 million and Imabari will put up the rest. With their shipyards, MHI and Imabari will jointly be able to build at least eight LNG carriers per year, MHI said.