Yuan Heng Gas informed it has signed a memorandum of understanding with CSSC (Hong Kong) Shipping Company, a CSSC unit, for the provision of US$10 million financing.
As the LNG trading company informed, CSSC will subscribe in cash for the convertible bond of an aggregate principal amount of USD 10 million through Kylin Offshore Engineering, a company owned 70% by CSSC and 30% by Titan Oil.
Yuan Heng Gas intends to use the funds towards strengthening its financial position and further development of cooperation with CSSC in the field of building, transportation and leasing of vessels powered by clean energy which would support the company’s future LNG business.
A binding agreement is expected to be signed on October 1.
LNG World News Staff; Image: Yuan Heng Gas