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SHI close to winning 1.6 billion LNG ship order from GAIL

Samsung Heavy Industries Co. is close to winning a $1.6 billion liquefied natural gas (LNG) carrier order in India as it will sign a memorandum of understanding with India’s state-owned Cochin Shipyard Ltd. to form technology partnership on Thursday.

Under the MOU term, once Samsung Heavy Industries wins the order from India’s state-owned Gas Authority of India Limited (GAIL) to build nine LNG carriers, it should construct one third of ships at Cochin’s shipyard in southern India and the rest in its dockyards in Korea.

If Samsung Heavy Industries constructs three carriers at Cochin’s shipyard, the Korean shipbuilder would receive $400 million from the Indian shipyard company. And the company would gain additional $1.2 billion if it builds the remaining six tankers at its Geoje dockyard in Korea, mounting up the total revenue from the deal to $1.6 billion.

GAIL announced in 2014 that it will construct nine LNG tank ships to transport gas from the Unites States between the years from 2017 until 2036.

But Samsung Heavy Industries remains cautious about winning the order although it is the sole bidder. GAIL has not determined the total order volume yet, said an unnamed official at Samsung Heavy Industries.