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News / LNG Bunkering/ MISC and Avenir LNG bunkering JV named “Future Horizon (L) Pte. Ltd.”

MISC and Avenir LNG bunkering JV named “Future Horizon (L) Pte. Ltd.”

03 Oct 2019
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A joint venture company named Future Horizon (L) Pte. Ltd. (FHLPL) has been formed by MISC and Avenir LNG Limited to manage a Liquefied Natural Gas Bunker Vessel (LNGBV) owned by Petroliam Nasional Berhad (Petronas), said MISC on Wednesday (2 October).

FHLPL, a company incorporated in Malaysia with an initial issued and paid-up capital of USD10.00 divided into 10 ordinary shares, will be 51% owned by MISC and 49% owned by Avenir. The issued and paid-up capital will be increased to meet FHLPL’s working capital requirements.

FHLPL will manage the commercial operations of the LNGBV, while the ship management will be provided by Eaglestar Shipmanagement (L) Pte. Ltd., an indirect wholly-owned subsidiary of MISC.

Petronas, through its subsidiary Petronas LNG Sdn. Bhd. (PLSB) on Tuesday (1 October) awarded a time charter party (TCP) contract to by MISC and Avenir to manage its LNGBV.

Pursuant to the TCP, the LNGBV will be chartered by PLSB for a period of three years with an estimated contract value of USD 28 million.

The charter for the LNGBV is expected to commence by the first quarter of 2020. The vessel will primarily operate in Malaysian and Singaporean waters.

Avenir is a joint-venture between Stolt-Nielsen Limited, Golar LNG and Hoegh LNG and is positioned as a fully integrated small-scale LNG supplier.

Related: Petronas LNG and Avenir LNG form LNG bunkering JV

Published: 3 October, 2019
 

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