GTT Signs Multi-Party MOU for Strategic Cooperation on LNG Projects

Thursday December 15, 2016

Gaztransport & Technigaz S.A. (GTT) has announced that it has signed a memorandum of understanding (MoU) for liquefied natural gas (LNG) Project Strategic Cooperation with Gabadi S.L., Shanghai Aojiheng Offshore Engineering Technology Service Co., Ltd., and China Merchants Heavy Industry (Jiangsu) Co., Ltd. (CMHI), which will include LNG bunkering vessels.

The MoU was signed at a seminar hosted by GTT on November 24 in Shanghai, which focused discussion on the retail LNG market.

"As a clean energy, the application of LNG as fuel is expanding day by day with promising market perspectives," said GTT.

CMHI intends to further expand its business into LNG carriers, LNG bunkering vessels, among others, utilising GTT's membrane cargo containment system in the process.

Gabadi is noted to be a GTT-licensed outfitter, along with Aojiheng - Gabadi's sole agent in China.

Further, Gabadi and Aojiheng are said to be in the process of establishing a Chinese entity in order to meet market demand.

"The signing of the three-party MOU is to build up a win-win partnership and to set up a creative cooperation mode among the parties," said GTT.

"Cooperation with Gabadi and Aojiheng enables CMHI (JS) to shorten the way to enter into the LNG market with GTT membrane cargo containment system. Meanwhile, each of the three parties will take the opportunity to seize the potential market opportunities so as to achieve mutual benefits and new development."