Nippon Yusen, Thai Oil form joint venture

Nippon Yusen KK will set up a Singapore-based joint venture with Thai Oil, a unit of PTT, to own and operate a crude oil tanker. The joint venture, which will have a capital of about US$20 million, will be equally owned by Nippon Yusen and Thai Oil. The firm will acquire a 280,000-ton tanker from Nippon Yusen and ink a 10-year agreement with Thai Oil for crude oil shipments from the Middle East. It may later opt to increase the number of oil tankers or eventually expand to LNG ships. (April 8,2011)