MoST CLEARS SCI, ENRON, MITSUI JOINT VENTURE
Article Abstract:
The Ministry of Surface Transport (MoST) of the Government of India has approved the proposed liquefied natural gas (LNG) joint venture of Enron, Mitsui and the Shipping Corporation of India (SCI). The joint venture was cleared after Mitsui agreed to offer 10 percent more stake to the Shipping Corporation of India. Consequently, the stake of the Shipping Corporation of India in the joint venture will increase to 20 percent. The charter period for hiring vessels has been reduced to 10 years from 20 years. The clearance by the Ministry will enable regular supply of fuel to Enron's power project at Dabhol. The joint venture was slated to get the clearance before February 15, 1999, according to the memorandum of understanding. Mitsui OSK has 70 percent stake in the proposed LNG joint venture. The 3 companies had signed a memorandum of understanding in December 1998 to operate an LNG tanker for transporting LNG to Enron's Dabhol power project. (rk) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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IOC PLANS J V IN MAURITIUS
Article Abstract:
Indian Oil Corporation (IOC) is setting up a joint venture in Mauritius. The Government of Mauritius has approved the proposal of IOC for a joint venture with a local company in Mauritius. Petronas of Malaysia is likely to acquire five percent stake in the joint venture, which will import petroproducts and distribute them in Mauritius. This is the first time IOC is setting up a joint venture abroad after its exploratory venture in Nepal. The proposal awaits clearance from the Indian Government's Cabinet. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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