Transpetrol Backs Out Of Joint Venture

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Stolt-Nielsen Limited made the announcement that Transpetrol Gas Holdings Limited (Transpetrol) opted to buy back gas carriers that they sold to Avance Gas Holding Ltd (AGHL). Transpetrol expressed their intent to sell its share options of the venture back to AGHL.

The share options are part of the transaction made in the previous year when AGHL bought two very large gas carriers (VLGCs) from Transpetrol.

The share purchase and ship sale transaction is expected to be completed by August 2013.

Following the sale, Stolt-Nielsen Gas Ltd and Sungas Holding will each have a 50% ownership of AGHL.

At the conclusion of the transaction, AGHL is set to operate six VLGS's and will continue in participating in the LPG transportation market. AGHL is set to build a fleet of very large gas carriers via mergers and acquisitions.

Stolt-Nielsen Gas Ltd is a leading global provider for integrated transportation solutions for bulk liquid chemicals, acids, edible oils, and other specialty liquids.

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