PMP Wins Tender for Carrying Sakhalin Oil
June 17, 2003-Moscow, Russia -- Primorsk Shipping Lines (PMP, Prisco Corp.) has won a contract from Exxon Neftegas Ltd., the operator of the Sakhalin-1 Project and a subsidiary of the U.S. corporation ExxonMobil, to charter tankers to carry Sakhalin-1 oil.Primorsk Shipping Lines is a private Russian shipping company headquartered in Nakhodka in Primorsky Krai and has branches and offices in Singapore, Moscow, Yuzhno-Sakhalinsk and Vladivostok. The company's fleet with a total deadweight of over 800,000 tons includes heavy tankers and ice-reinforced vessels. The shipping company's management and fleet have been certified by the Russian Shipping Registry and Det Norske Veritas for compliance with the International Safety Management Code (ISM) and ISO Standard 9001:2000. The Sakhalin-1 Project is developing offshore oil fields under the auspices of a production-sharing agreement (PSA).
By the time oil production begins, the Primorsk Shipping Corporation will have to build three new ice-class Aframax tankers with a deadweight of over 100,000 tons. This is quite feasible for Prisco, because it has the financial support of leading foreign lending institutions. PMP is successfully operating the similar Primorye tanker and is building two similar ships at the Brodosplit Shipyard in Croatia. The company is planning to start building three more tankers in the last six months of 2003.
Many shipping companies participated in the tender. PMP was chosen as a company with 30 years of experience in carrying liquid bulk cargo to Sakhalin and three years of experience in carrying oil that is currently being produced on the island's offshore. Prisco's successful working relationship with V. Ships, a prominent shipping industry management company, was another important factor in its success in the tender. The corporation's employees have demonstrated a high level of professionalism in the international market.
"PMP's victory in the tender was a validation of the safety and quality of its services and proof of their conformity to ExxonMobil's high standards. PMP's executives greatly appreciated their selection by the Sakhalian-1 Consortium members and are looking forward to a productive working relationship with leading international corporations, which will open up excellent development opportunities for the Russian company", said Aleksandr D. Kirilichev, President of Primorsk Shipping Corporation.
For more information please contact: Natalya Mironova, the head of advertising and information department, tel. 4236-69-45-27, e-mail: mironova@prisco.ru.