Asyad Shipping has agreed to sell a 20 per cent stake in its two new-build liquefied natural gas (LNG) carriers, Muscat LNG and Musandam LNG, to Omani investment partners.
Under an agreement signed on July 26, Oman LNG Development Foundation and Mars Development and Investment will each acquire a 10 per cent interest in the companies that own the two vessels.
Asyad Shipping will retain the remaining 80 per cent controlling stake in each vessel-owning company.
The transaction follows the company's May 21 announcement confirming the delivery of Muscat LNG and Musandam LNG. Both vessels are employed under long-term charter agreements with Oman LNG.
“The participation of strong Omani funds as partners in Muscat LNG and Musandam LNG reflects the confidence placed in these projects and reinforces our commitment to delivering in-country value while supporting economic development,” Chief Executive Officer Dr Ibrahim Al-Nadhairi said.
He added that the company looks forward to building on the partnership to continue supporting Oman's upstream gas industry.