MOL, NYK LINE, “K” Line, Shipping Corporation of India
Make Deal on Long-Term Time Charter and Construction of LNG Carrier
to Serve Petronet LNG

February 15, 2006 -Tokyo, Japan. - A consortium of Mitsui O.S.K. Lines, Ltd. (MOL: President: Akimitsu Ashida), Nippon Yusen Kaisha ( NYK LINE : President: Koji Miyahara ), Kawasaki Kisen Kaisha, Ltd . (“K” Line; President : Hiroyuki Maekawa ), and Shipping Corporation of India (SCI) today announced an agreement with New Delhi-based Petronet LNG Limited (PLL) for a long-term time charter of a new liquefied natural gas (LNG) carrier. At the same time, the consortium concluded an agreement with Samsung Heavy Industries Co., Ltd . (Headquarters: Seoul, South Korea), to build the vessel.

PLL is the first LNG importer in India, and has imported 5 million tons of LNG a year from Qatar since 2004, using two LNG carriers. PLL has decided to import an additional 2.5 million tons per year from Qatar. The new LNG carrier will supply this additional LNG under a long-term time charter contract. The four-company consortium that won the contract for the new carrier also operates the two vessels already in service, and will continue to ensure a steady supply of LNG to India, where energy demand continues to grow.

Outline of Charter Contract

[Reference]

Outline of Petronet Project

Buyers: Petronet LNG Limited (PLL)

(Main shareholders)

GAIL (India) Limited (GAIL) 12.5%

Bharat Petroleum Corporation Ltd. (BPCL) 12.5%

Indian Oil Corporation (IOC) 12.5%

Oil & Natural Gas Co., Ltd. (ONGC) 12.5%

Gas de France (GdF) 10.0%

Asia Development Bank (ADB) 5.20%

GAIL: India's largest national gas company, with a 95% share of the Indian gas market

BPCL: India's third largest national petroleum refinery and sales company

IOC: India's largest national petroleum refinery and sales company, and largest company in India

ONGC: National crude oil and natural gas extraction and refining company

Seller: Ras Laffan Liquefied Gas Company Ltd. II (RasGas II)

LNG purchasing volume/period: 5 million tons per year, 2004-2027

2.5 million tons per year, 2009 – 2034

LNG discharging port: Dahji Port, Gujarato State of India

Customers to buy gas:

PLL has already concluded the trading contract for natural gas including “Take or Pay” conditions, with GAIL, BPCL, and IOC. GAIL, BPCL, and IOC will sell the gas to IPP, fertilizer and gas companies, and other customers.

For more information, please contact:

Shizuo Takahashi
General Manager
LNG Carrier Group ( C ), LNG Carrier Division
Mitsui O.S.K. Lines, Ltd.
Tel: 81-3-3587-75 69 / Fax: 81-3-3587-7737
Email: lgcmo @mail.mol.co.jp

Keiji Kubota
Deputy General Manager,
No.2 LNG Team, LNG Group
TOKYO - A consortium of Mitsui O.S.K. Lines, Ltd. (MOL: President: Akimitsu Ashida), Nippon Yusen Kaisha ( NYK LINE : President: Koji Miyahara ), Kawasaki Kisen Kaisha, Ltd . (“K” Line; President : Hiroyuki Maekawa ), and Shipping Corporation of India (SCI) today announced an agreement with New Delhi-based Petronet LNG Limited (PLL) for a long-term time charter of a new liquefied natural gas (LNG) carrier. At the same time, the consortium concluded an agreement with Samsung Heavy Industries Co., Ltd . (Headquarters: Seoul, South Korea), to build the vessel.

PLL is the first LNG importer in India, and has imported 5 million tons of LNG a year from Qatar since 2004, using two LNG carriers. PLL has decided to import an additional 2.5 million tons per year from Qatar. The new LNG carrier will supply this additional LNG under a long-term time charter contract. The four-company consortium that won the contract for the new carrier also operates the two vessels already in service, and will continue to ensure a steady supply of LNG to India, where energy demand continues to grow.

Outline of Charter Contract

[Reference]

Outline of Petronet Project

Buyers: Petronet LNG Limited (PLL)

(Main shareholders)

GAIL (India) Limited (GAIL) 12.5%

Bharat Petroleum Corporation Ltd. (BPCL) 12.5%

Indian Oil Corporation (IOC) 12.5%

Oil & Natural Gas Co., Ltd. (ONGC) 12.5%

Gas de France (GdF) 10.0%

Asia Development Bank (ADB) 5.20%

GAIL: India's largest national gas company, with a 95% share of the Indian gas market

BPCL: India's third largest national petroleum refinery and sales company

IOC: India's largest national petroleum refinery and sales company, and largest company in India

ONGC: National crude oil and natural gas extraction and refining company

Seller: Ras Laffan Liquefied Gas Company Ltd. II (RasGas II)

LNG purchasing volume/period: 5 million tons per year, 2004-2027

2.5 million tons per year, 2009 – 2034

LNG discharging port: Dahji Port, Gujarato State of India

Customers to buy gas:

PLL has already concluded the trading contract for natural gas including “Take or Pay” conditions, with GAIL, BPCL, and IOC. GAIL, BPCL, and IOC will sell the gas to IPP, fertilizer and gas companies, and other customers.

For more information, please contact:

Keiji Kubota
Deputy General Manager,
No.2 LNG Team, LNG Group
Nippon Yusen Kabushiki Kaisha
Tel : 03- 3284-5610 / Fax : 03- 3284-6378
Email : keiji_kubota@jp.nykline. c om

Tomoyuki Okawa
Deputy General Manager, LNG Group
Kawasaki Kisen Kaisha, Ltd .
Tel 03- 3595-6520 / Fax 03-3 595-5512
Email: kljtyolng@jp.kline.com