Japanese MOL and Reliance Ethane Holding (REHPL), a subsidiary of India-based Reliance Industries (RIL), agreed to co-owning of Six Very Large Ethane Carriers (VLECs) which are currently fully-owned by REHPL.
The six VLECs were delivered in 2016-2017 and have been engaged for transportation of Liquefied Ethane from Houston (US Gulf coast) to Reliance facilities at Dahej in West coast of India.
MOL has been involved right from the ship building supervision stage at Samsung Heavy Industries yard in Korea and in the operation of the VLECs thereafter.
Prior to this transaction, MOL and RIL have cooperated in the transportation of crude oil on VLCC’s.
After two and a half years of operation of VLEC’s as well, MOL engaged in this strategic investment in order to be a stakeholder in terms of co-owning of the 6 VLECs.
MOL claims to be the only Japanese shipping company and the largest VLEC operator in the world.
This development is in line with MOL’s philosophy of aiming to for Higher Competitiveness in the field in terms of safety and reliable ocean-going transportation and meaningful contribution to the emerging energy transportation scenario,
…said the company.
