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Gulf LPG Transport Company and Mitsui O.S.K. Lines Sign Time Charter Agreement for LPG Tanker
April 14, 2008 Doha, Qatar
The second vessel, the M/T “Umm Laqhab” will be delivered in July of this year and will also be chartered to MOL, with the third and fourth vessels due in late 2008 and early 2009 respectively. Under the agreement MOL will operate the vessels. Following the delivery of the four ships it is intended that the vessels will be employed under a Joint Operating Venture between Gulf LPG and MOL. Gulf LPG is a jointly established limited liability company in Qatar between Qatar Gas Transport Company Ltd. (NAKILAT) and Qatar Shipping Company (Q-Ship), established pursuant to a Joint Venture Agreement dated April 2, 2008 between the two parties. With the increased growth of LNG production, the volume of LPG is also expected to grow; NAKILAT and Q-Ship have positioned themselves to meet this expected demand.
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Gulf LPG Transport Company W.L.L. (“Gulf LPG”) of Qatar and Mitsui O.S.K. Lines Ltd of Tokyo (MOL) are pleased to announce that they have today signed a time charter agreement for the first, in a series of four Liquefied Petroleum Gas (LPG) carriers currently being built at the Hyundai Heavy Industries (HHI) yard in South Korea. The M/T “Bu Sidra” (82,000 m3) is expected to be delivered to Gulf LPG from HHI in the next few days. 
