Keppel has announced that it has entered an agreement with Shell to establish a joint venture company in Singapore, which will focus on providing LNG bunkering services.
Specifically, Keppel Corp. Ltd (KCL) announced that a wholly-owned subsidiary of Keppel Offshore & Marine Ltd – KS Investments Pre Ltd (Keppel) – has entered into a shareholders agreement with a wholly-owned subsidiary of Royal Dutch Shell – Shell Eastern Petroleum (Pte.) Ltd (Shell). The agreement is for the creation of a Singapore incorporated joint venture (JV) company, which Shell and Keppel will both hold a 50% share in.
The JV will develop an LNG bunkering business in Singapore. It will provide the service to a number of different marine vessels.
Keppel claims that the transaction will not have a material impact on the net tangible assets and earnings per share of KCL for the financial year ending 31 December 2016.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07072016/keppel-and-shell-establish-singapore-lng-bunkering-business-2714/