Asia/Pacific News
Singapore's Keppel Partners with Shell on LNG Bunkering Business
Keppel Corporation Limited (KCL) Thursday announced that KS Investments Pte Ltd (Keppel) has signed a shareholders agreement with Shell Eastern Petroleum (Pte.) Ltd. (Shell) to develop a liquefied natural gas (LNG) bunkering business in Singapore.
KCL says the business will see the supply of LNG bunkering services to vessels in the Singapore port, as well as other related services.
Keppel and Shell have agreed to split the business' shares 50-50, notes KCL, adding that the transaction will have no material impact on KCL's net tangible assets and earnings per share during the financial year ending December 31, 2016.
In February, Ship & Bunker reported that Chow Yew Yuen, CEO of Keppel Offshore & Marine, had said: "we will leverage our years of experience and expertise in providing LNG solutions including gas carrier servicing to support MPA in its goal to develop Singapore into a key LNG bunkering hub in Asia."
