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7 August 2008
Bandar Seri Begawan, 7th August 2008.  A ceremony to mark the formal signing of an agreement for a facility to finance the construction of a methanol tanker was held this afternoon at the Sheraton Utama Hotel.

The Agreement between Baiduri Bank and Brunei Methanol Tanker Sdn Bhd (BMT) is for the construction and purchase of a 5500 metric-tonne methanol tanker which will be used to transport methanol from Brunei to customers in Japan.

The new tanker will be constructed by Ningbo Dongfang Shipyard in China.  When completed, the vessel will be chartered to Mitsubishi Gas Chemical Co (MGC).  The vessel is expected to be completed by the first quarter of 2010.

Signing on behalf of Brunei Methanol Tanker was its Chairman, Hj Md Jamil bin Hj Md Salleh.   Mr Raymond Bariou, Senior Deputy General Manager of Baiduri Bank signed on behalf of Baiduri Bank.  Hj Md Ja’afar Bin Hj Awang Bakar, Managing Director of PetroleumBRUNEI and Mr Pierre Imhof, General Manager of Baiduri Bank signed as witnesses.

Baiduri Bank, a leading award-winning local bank with a history of supporting local business development, is providing a term loan in the maximum amount of USD 15 million and for a loan tenor of 15 years.

Brunei Methanol Tanker is a joint venture between Brunei National Petroleum Co Sdn Bhd (PetroleumBRUNEI or PB), Itochu Corporation and Kokuka Sangyo Co of Japan.  The Joint Venture agreement was formally signed on 11th April 2008 in Bandar Seri Begawan.

Present as Guest of Honour at the Ceremony was Yang Mulia Pengiran Dato Paduka Haji Abu Bakar Bin Pengiran Seri Indera Pg Hj Ismail, Permanent Secretary at the Prime Minister’s Office cum Board Member of PetroleumBRUNEI.  The ceremony was attended by guests that included senior officials from various Government departments and both companies. 
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