JBIC Finances Procurement of LNG Tankers

The Japan Bank for International Cooperation signed on October 10, two loan agreements amounting up to 10,754 million Japanese yen (approx. USD 107.1 million) and 10,955 million Japanese yen (approx. USD 109.1 million) respectively, with LNG FUKUROKUJU SHIPPING CORPORATION (FUKUROKUJU) and LNG JUROJIN SHIPPING COPRPORATION (JUROJIN), both Bahamas companies owned 70% by The Kansai Electric Power Co., Inc. (Kansai Electric) and 30% by Mitsui O.S.K. Lines, Ltd. The loans are cofinanced with private financial institutions.

These loans are intended to finance two companies to procure the LNG (liquefied natural gas) tankers to be built for FUKUROKUJU by Kawasaki Heavy Industries, Ltd. and for JUROJIN by Mitsubishi Heavy Industries, Ltd., to transport LNG produced from Australia Pacific (AP) LNG Project and Ichthys LNG Project in Australia to Japan, imported by Kansai Electric. These loans will contribute to securing the long and stable supply of LNG to Japan that is increasing in importance in recent years as fuel for thermal power generation.

JBIC, November 15, 2013