Varun Shipping signs MoA to acquire gas carrier

New Delhi, Dec 28 (UNI) In order to expand its asset base in the hydrocarbon sector, Varun Shipping Company Ltd today entered into a Memorandum of Agreement (MoA) for acquiring a gas carrier having a cargo carrying capacity of 76,644 cbm.

The company will be the first Indian shipping company to acquire a gas carruer if this size.

The carrier is scheduled to be delivered by June/July next year and will be the largest gas carrier to be registered under the Indian flag, the company said in a statement.

The company had recently acquired Large Gas Carrier, LPG/C Maharshi Vamadeva. The Aframax crude tanker for which company had entered into Memorandum of Agreement is scheduled to be delivered by January 15, 2007.

With the acquisition of these vessels, the company will complete an investment of around 200 million dollars out of the proposed expansion plan of 400 million dollar.

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