MOL, ITOCHU AND ALGERIAN STATE OIL COMPANY SET UP LNG JOINT VENTURE

MOL, ITOCHU AND ALGERIAN STATE OIL COMPANY SET UP LNG JOINT VENTURE    Mitsui O.S.K. Lines, Itochu Corp., Algeria’s state petroleum company Sonatrach and its shipping subsidiary Sntm-Hyproc are setting up a joint venture company for the transport of liquefied natural gas.
   Each company will hold a 25-percent share in the venture.
   The joint venture has agreed on a long-term charter of a new liquefied natural gas carrier for Sonatrach, and will order the 145,000-cubic-meter LNG carrier from Kawasaki Heavy Industries, Ltd.
   The new LNG carrier will help Sonatrach continue to expand its sales, and will be jointly operated by Hyproc and MOL, a spokesman for the Japanese shipping group said.