Itochu : The Contracts for LNG Tankers Built by Hyundai Heavy Industries were duly signed and completed
October 22, 2014 at 04:33 am EDT
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October 17, 2014
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter "ITOCHU") announced today that together with Hyundai Heavy Industries Co., Ltd. (South Korea), it has received an order for two newly built LNG tankers with an option for a third tanker for Hyproc, the marine transportation subsidiary of Algerian state-owned hydrocarbon company Sonatrach. ITOCHU provided assistance up to the signing of the contract and will support implementation until handover of the vessels.
On October 9th in Oran, Algeria, the contracts concerning the construction of the new vessels were signed and ceremony held on October 14th in the presence of representatives from Hyproc, Hyundai Heavy Industries, Sonatrach, Ministry of Energy, Ministry of Transportation and ITOCHU. The newly built LNG tankers will be of the 170,000 cubic meter class, and will be very-latest-designed vessels that apply dual-fuel diesel-electric (DFDE) systems. The vessels are scheduled for completion from the end of 2016 to the first half of 2017.
ITOCHU established an Algerian office in 1964, two years after the country gained its independence, and in addition to implementing more than twenty large-scale petroleum, gas and chemical plant construction contracts to date, has also been deeply involved with the development of Algeria's petroleum and gas sectors, including participation in gas field development and production and the import-export of petroleum and gas-related products. In the field of marine transportation and shipbuilding, in addition to new shipbuilding business conducted with Japanese and Korean shipyards, ITOCHU today jointly owns and operates three LNG tankers with Sonatrach, Hyproc and Mitsui O.S.K. Lines.
Moving forward, ITOCHU will continue to strengthen and develop the good relationship it has forged with Sonatrach and Hyproc over many years, while dedicating its efforts to the further development of Algeria's economic infrastructure by taking part in business activities in Algeria. At the same time, ITOCHU will contribute to the stable supply of energy through the transportation of LNG, a resource of increasing importance around the world.
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).
ITOCHU CORPORATION 
