New Delhi: Mitsui OSK Lines, Limited (MOL) and GAIL (India) Limited through a wholly owned MOL subsidiary signed a time charter contract for a newbuilding LNG carrier and joint ownership of an existing LNG carrier.

According to an official statement from GAIL, the new building vessel will be the second MOL Group LNG carrier serving GAIL; the parties signed a contract for the first vessel in 2019.

"The existing vessel still has been chartered to GAIL through a wholly owned MOL subsidiary from 2021 and even now, MOL's shipping service is highly regarded by GAIL. At this time, MOL and GAIL reached an agreement to share the vessel by transferring a portion of a wholly owned MOL subsidiary's shares to GAIL," the energy PSU said.

By strengthening MOL and GAIL's partnership, there will be synergies that will make MOL to provide more reliable services, and this will lead MOL to extend services even further against the demand that will grow in the future.

MOL sets regional strategies as one of the pillars in "Rolling Plan 2022," its fiscal 2022 management plan, and takes a proactive stance in its business expansion in Asia, especially in India, as a region with strong potential for growth. It will strengthen its presence and business base in India, where energy demand is expected to increase. MOL continues to work proactively to provide high-quality LNG transport services that precisely meet customer needs by leveraging the know-how and network it has accumulated as one of the world's largest LNG carrier ownership and management companies.

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