China’s Cosco Shipping Heavy Industries (CHI) and GTT, the French maker of LNG containment systems, signed a strategic agreement to join forces in projects related to the liquefied natural gas industry.
Under the deal, the two companies will work together in projects such as LNG as fuel for newbuildings and retrofits, small-scale LNG carriers and FLNG, according to a CHI statement.
CHI now owns 10 modernized shipyards located all over China and more than 30 specialized companies focused on providing professional support to its core business. The company has the ability of repairing and retrofitting around 1,500 merchant vessels and building 11 million DWT of new ships annually, the statement said.
CHI says that it considers repairing and buidling of LNG vessels as the company’s future major areas of development.
“The signing of this strategic agreement meets the long-term planning’s requirements of both companies. It will help ascertain their position, leading to future innovations,” the company added.