The Shipping Corporation of India (SCI) is involved
in the joint venture company, M/s Greenfield Holding Company Ltd
(GHCL) for transportation of LNG to Dabhol Power Company. At present,
SCI holds 20% equity stake in the joint venture company formed
for construction, operation and ownership of one LNG tanker. The
Joint Venture Company GHCL has excuted a Time Charter Agreement
in 1999 with Dabhol Power Company for a period of 20 years to
transport 2 million Metric Tones per Annum of LNG from Oman LNG,
Oman and Abu Dhabi Gas, UAE. This joint venture company originally
had mitsui OSK Lines (75% Share) and Atlantic Commercial Finance
Inc. (ACFI, a subsidiary of Enron) (25 % shares) as shareholders.
SCI is not a shareholder in Enrons Dabhol Project.
This information was given by Shri Ved Prakash
Goyal, Minister of Shipping in a written reply to a question by
Shri Kirit Somaiya in Lok Sabha today.
SCI joined the project on 20.01.2000 with an
equity stake of 20% by buying out 5% share from ACFI and 15% shares
from MOL. The current equity in the project is: Government of
Sultanate of Oman (GOSO) & Mitsui OSK Lines (MOL) holding
40% each and SCI retains 20%.
The proposal for purchase of 20% stake of SCI
in the transportation joint venture has been made only by Mitsui
OSK Lines Ltd. The SCI Board at its meeting held on 25.10.2002
has decided to recommend the proposal to the Government for its
consideration and the proposal has been initiated, the Minister
added.
