Hyundai LNG Shipping, Petronas ink LNGC pact: press

South Korea's Hyundai LNG Shipping has signed a 20-year contract to hire up to six LNG carriers owned by Petronas LNG, a unit of Malaysian state-run Petronas, starting in 2024, according to an April 27 report published by Korea Herald.

The deal could be the largest in South Korea’s history in terms of cargo capacity, the newspaper reported citing a statement by IMM Private Equity, which controls Hyundai LNG Shipping. The report did not disclose the value of the deal.

The vessels will transport LNG from Kitimat, British Columbia, to Asian countries including Japan and China under Petronas’ LNG Canada project. Korean shipbuilder Hyundai Heavy Industries will construct the vessels.