Keppel, Shell Form JV for Singapore LNG Bunkering
Keppel Corp Ltd has entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore, says a report in Reuters.
The two companies will have a 50 percent stake each in the joint venture.
Its principal business activity will be to supply LNG bunkering operations services in Singapore to ships and any other marine vessels in the Singapore port and other related services, Keppel said in a statement.
The joint venture is the latest in Shell’s push to establish as LNG as a viable marine fuel.
The abovementioned transaction will not have any material impact on the net tangible assets and earnings per share of KCL for the financial year ending 31 December 2016, says a company statement.