Energy Minister Dr Abdulhussain Mirza has lauded the ongoing co-operation between the National Oil and Gas Authority (Noga) and I M Skaugen Company in the field of marine transportation of liquefied natural gas (LNG).

Speaking as he received, at Noga premises, the chief executive officer of I M Skaugen Morits Skaugen, Dr Mirza reiterated the kingdom's keen interest to bolster co-operation with world companies in order to take advantage of their expertise for the sake of boosting the energy sector and the national economy.

Economic issues, especially those related to investment in the field of leasing ships and marine transportation, were also spotlighted.

Skaugen hailed Dr Mirza for the issues raised during the meeting, asserting that such meetings aim to enhance bilateral co-operation.

It is to be noted that Dr Mirza signed on December 26 an agreement on establishing the Skaugen Gulf Petrochem Carriers BSC, a joint venture bringing together I M Skaugen, a leading Norwegian petrochemical and logistics transportation marine company; Noga Holding Company, the business and investment arm of Noga; and the Capital Management House.

Skaugen Gulf Petrochem Carriers BSC is a Bahraini petrochemical shipping company specialising in olefins, LNG and LPG marine transportation.

The company was established to cater to the need that exists to invest in vessels that would serve the GCC petrochemical industry.

This sector offers enormous profit potential and capital growth. Petrochemical shipping is a growing sector driven by strong fundamentals arising from the booming petrochemical industry in the GCC.

The company is currently operating two ships and is expanding its fleet to meet growing demand for shipping capacity in the region.-TradeArabia News Service