South Korea: Hyundai Heavy Secures LNG Vessel Order from BGC

Brunei Gas Carriers Sendirian Berhad, BGC has inked a contract with Hyundai Heavy Industries Ltd of the Republic of Korea on construction of a new liquefied natural gas (LNG) vessel followed by signing of financial agreements for the construction, RTB News informed.

The signatories of the Shipbuilding Contract Hull No 2606 were Managing Director of Brunei Gas Carrier Sdn Bhd, Awang Mohamad bin Haji Awang Damit and Chief Executive Officer of the Hyundai Heavy Industry Ltd, Mr Oi-Hyun Kim.

In addition, the Managing Director of Brunei Gas Carrier Sdn Bhd signed the Time Charter Agreement with the Chief Executive Officer of Brunei LNG Sendirian Berhad, Dato Paduka Awang Haji Matsatejo.

The signing ceremony took place at the Prime Minister’s Office and was attended by the Energy Minister, who pointed out the significance of the contract, especially in regard to the vast field of opportunities it creates for Brunei Darussalam’s oil and gas industry and its shipping business.

The Managing Director of Brunei Gas Carriers also signed the Memorandum of Understanding for Refinancing of S.S Abadi and the Memorandum of Understanding for Financing of Hull Number 2606 with the Managing Director of Bank Islam Brunei Darussalam, BIBD, Mr Javed Ahmad.

The contract will pave the way for construction of the fourth LNG Vessel to be assembled by Brunei Gas Carriers and its completion is expected in October 2014. The new vessel of 154 thousand 800 cubic meters of cargo capacity embodies the Nation’s pledge to safeguard its excellent record in the delivery of LNG.