Brunei National Petroleum Co. has signed a deal with two major Japanese companies- Kokuka Sangyo and Itochu Corp. to form a methanol transport firm to support the first petrochemical plant in the oil rich kingdom. The new joint venture's main business will be to transport methanol produced by Brunei Methanol Co. to its customers. Kokuka Sangyo (subsidiary of Mitsubishi Gas Chemical Co.) and trading giant Itochu Corp. signed the agreement with PB Logistics, a subsidiary of Brunei National Petroleum in Brunei. A newly built dedicated chemical tanker, ordered from China's Ningbo Dongfang Shipyard, is expected to be commissioned in 2010.
The two Japanese firms have stake in the project, with Kokuka Sangyo holding a 30% stake and Itochu holding a 20% stake. The Brunei methanol plant is under construction and aims to begin commercial operations in 2010.