RIL in shipping pact to import ethane from US

New Delhi, December 25

Reliance Industries Limited (RIL) today said it has signed a long-term agreement with Japan’s biggest shipping company Mitsui OSK Lines for transportation of liquefied ethane from North America to India.

Mitsui will manage six very large ethane carriers (ships) that the Indian conglomerate is building at Samsung Heavy Industries. It will supervise the construction of 87,000 cubic meter ships and upon vessel delivery, manage the ships.

“Reliance, with this strategic tie-up with Mitsui, has achieved a key milestone for the successful implementation of ethane import project to feed crackers in India,” the company said.

Mitsui, in a separate statement, said the very large ethane carriers (VLECs), being built by Samsung, are expected to be delivered in the last quarter of 2016.

Neither of the companies disclosed the value of the deal. — PTI