Deal sealed: (from left) Combo pictures show Yee, MISC LNG business vice-president Zahid Osman, Yang and Zhejiang Satellite Petrochemical vice-president Lu Wei Wei at the signing ceremonies, which were held separately. PETALING JAYA: MISC Bhd marks its foray into the global ethane market with its purchase of six very-large ethane carriers (VLECs) for US$726mil (RM3.09bil), which will be chartered to Zhejiang Satellite Petrochemical Co Ltd (STL) for 15 years. The charters for the vessels are expected to commence in the fourth quarter of this year. MISC said in a filing with Bursa Malaysia that it had inked memorandums of agreement (MoAs) with six indirect and wholly-owned subsidiaries of STL for the purchase of six newbuild 98,000 cubic meters vessels. Concurrently, MISC, through its vessel-owning entity Portovenere and Lerici (Singapore) Pte Ltd (PLS), has entered into time charter parties with STL for the time charter of the six vessels for operations in international waters. Samsung Heavy Industries Co Ltd and Hyundai Heavy Industries Co Ltd, which are both shipyards in South Korea, are constructing three vessels each. MISC president and group CEO Yee Yang Chien said the acquisition of the six VLECs marked a milestone in MISC,
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