China Shipping Development gears up for LNG debut

China Shipping Development Co said that it would shortly sign an agreement with a unit of top Chinese oil and gas producer CNPC to set up a $5 million joint venture to ship liquefied natural gas.

China Shipping would account for 90 percent of the venture and CNPC International the remainder, China Shipping said in a statement. CNPC is the parent of Petrochina. Cosco, China Shipping’s peer, has a similar tie up with CNOOC, another Chinese oil major for gas transport.

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