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OGIT/NYK Sign a New Shipbuilding Contract for LNG vessel for NWS Expansion Project

July 3, 2002
Osaka Gas Co., Ltd.

On June 25, 2002, Osaka Gas International Transport Inc. (hereinafter referred to as 'OGIT'; President: Yasuo Ryoki) which is a shipping subsidiary of Osaka Gas Co., Ltd. (President: Akio Nomura) and Nippon Yusen Kabushiki Kaisha (hereinafter referred to as 'NYK'; President: Takao Kusakari) agreed to terms for a new shipbuilding contract for one 145,000m3 class LNG vessel with Kawasaki Heavy Industries, Ltd. (President: Masamoto Tazaki).

This vessel will be jointly owned by OGIT and NYK at the ratio of 60 to 40 and will be launched chiefly for the North West Shelf (NWS) expansion project in western Australia. The vessel is expected to carry about one million tones of LNG in a usual year. Since the specifications of this vessel are designed to meet those at various LNG terminals other than the ones in the NWS project, we have aimed to construct a more flexible LNG transportation network and consequently decrease transportation cost. This vessel will enter service in September 2006 and its operation will be managed by NYK.

OGIT now owns a total of three LNG vessels, two for the Badak IV LNG project in Indonesia together with NYK, MOL, K-Line, Iino Kaiun, and shipping subsidiaries of Tokyo Gas and Toho Gas, and one for the Oman LNG project together with NYK, MOL, and K-Line. We will strive to provide safe and effective transportation of LNG.

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