Croatian shipping company Uljanik Plovidba and Cyprus-based ETCA Caspian Limited have formed a joint venture company for maritime transport and storage of liquefied natural gas (LNG) and liquefied petroleum gas (LPG).
The two companies filed, signed and submitted the Memorandum and Articles of Association as well as the application for registration of the new company – Uljanik Plovidba LNG LLC – to the Registrar of Companies of the Commercial Court in Pazin, Croatia.
Uljanik Plovidba and ETCA Caspian will each control a 50% stake in the newly formed company.
Uljanik Plovidba operates a fleet of MR tankers and Supramax bulk carriers, and provides management services for multi-purpose cargo ships, bulk carriers, cruise ships and oil and chemical tankers.
The company wishes to diversify its offering and break into the LNG and LPG transport market, primarily in Asia.
”The accumulated knowledge, experience and contacts established so far, form a good basis for the subject expansion in the very attractive and promising new market,” Uljanik Plovidba said.