KUALA LUMPUR, Malaysia (AP) – MISC Berhad, the Malaysian shipping company, announced Monday it will invest approximately $5.5 billion on new vessels through 2010, according to the national news agency Bernama.
Due to increased demand from the oil and gas sector, where global gas demand is projected to grow 2.3 percent per year through 2030, MISC is expanding its fleet of more than 100 vessels, MISC chairman Hassan Marican was quoted as saying.
The company has ordered seven new liquefied natural gas tankers, eight chemical tankers, a large container vessel, eight Aframax vessels and very large crude carriers, he said. Marican did not give delivery details.
MISC, the shipping arm of Malaysia's national oil and gas firm Petronas, owns one of the world's largest oil and LNG fleets.