Jan. 24. 2007
Marubeni Corporation (“Marubeni”) announced today that Marubeni and Teekay Shipping Corporation (“Teekay”) have formed a strategic alliance with Sea NG Corporation (“Sea NG”), in which Marubeni has certain portion of equity share, for the worldwide commercial deployment of Sea NG’s Coselle system for transporting compressed natural gas (CNG) by ship.
The Coselle ship is the only marine vessel fully approved by any international marine classification society for the carriage of CNG. Coselle ships will transport moderate volumes of natural gas (30 to 700 mmscf) over medium distances (200 to 1500 miles). The Coselle system of CNG will economically and reliably serve the segment of the market that cannot effectively be supplied by pipelines or liquefied natural gas (LNG). Marine CNG will open pathways for gas delivery to island communities, smaller industrial consumers and will considerably enhance the value of marginal and stranded gas fields.
In September 2006, the American Bureau of Shipping approved for construction the Coselle ship. The Coselle is a unique, patented system for storing high-pressure gas in a coil of small diameter pipe. Numerous Coselles are contained within the specially-designed ship. This storage system has significant cost and safety advantages over conventional large diameter pressure cylinders.
Another major advantage of the Coselle system is that it requires minimal on-shore facilities. Gas can be loaded and discharged at simple port-side pipeline facilities, which greatly reduces environmental, land-use and financial concerns. Gas can also be trans-shipped at offshore buoys if a port is not accessible.
Marine transportation projects using the Coselle system are currently under development in numerous countries.
Marubeni will support comprehensively to maximize the chances of success for its projects by utilizing its global network and its expertise in the implementation of major capital projects worldwide.
<Company profile of Sea NG>
Company Name: Sea NG Corporation
Address: 750, 101 – 6th Avenue SW, Calgary, AB, T2P 3P4 Canada
Representative: Mr. David Stenning, President & CEO
Business: Development and implementation of Marine CNG projects using its proprietary Coselle system
<Company profile of Teekay>
Company Name: Teekay Shipping Corporation
Address: Bayside Executive Park, West Bay Street & Blake Road, Nassau, The Bahamas
Representative: Capt, David Glendinning, President Teekay Gas Services
Business: Provide a comprehensive marine services to the world’s leading oil and gas companies