EXMAR

"A leading Belgian company on Saturday afternoon signed a contract with shipbuilding giant Iran Sadra Group for the construction of 10 LNG carriers. According to Moj news agency, the contract was signed by Sadra managing director, Jalil Khebreh, and Exmar chief Nicolas Saverys. Minister of Industries and Mines Alireza Tahmasbi, who was present at the signing ceremony, said the contract is the largest shipbuilding project in the Middle East, putting the total value of the undertaking at $2.4 billion. 'With the construction of LNG carriers in Iran, the transportation of liquefied natural gas will become possible worldwide,' he said, stressing that the Ministry of Industries and Mines has come to the conclusion that it must protect the Sadra Group and enable it to build LNG carriers domestically. He said Exmar is willing to maintain long-term partnership with Sadra. Exmar is a shipping and offshore group with corporate headquarters in Belgium. It is active in shipping, offshore and ship management." (Zaywa, "Sadra Signs $2.4b Shipbuilding Contract," 6/18/06) (http://www.zawya.com/story.cfm/sidZAWYA20060619040933/Sadra%20Signs%20$2.4b%20Shipbuilding%20Contract)