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NYK Secures Long-Term Charter Contract with Angola LNG Project

August 2, 2007

NYK Bulkship (Europe) Ltd. (NYK; head office: London, United Kingdom), a British subsidiary of Nippon Yusen Kabushiki Kaisha; Mitsui & Co. Ltd. (Mitsui; head office: Chiyoda-ku, Tokyo) and Teekay Corporation (Teekay; head office: Vancouver, Canada) have received a letter of intent from the Angola LNG Project for the long term charter (20 years) of 4 new LNG (liquefied natural gas) vessels. Final award of the charter contract is still subject to certain conditions. The consortium will work out the detailed terms of contracts with the Angola LNG Project and plans to place the order for 4 new LNG vessels once the certain conditions are met which are expected around the end of September.

From 2011, a newly built LNG carrier will begin service for the Angola LNG Project, shipping LNG from Angola to mainly the United States.

Angola is sub-Saharan Africa' second largest producer of petroleum; the country produces 1,400,000 barrels a day. However, over the years, the practice of regularly burning natural gas and releasing it into the atmosphere during the production of oil and gas has had an ill-effect on the environment because it not only wasted resources but it also produced additional greenhouse gas emissions. We are proud to announce that this project will help resolve this issue by liquefying and exporting this natural gas.

NYK will continue its drive to develop LNG transportation business opportunities with power and gas suppliers around the world, while striving to minimize our impact on the environment.

*	Angola LNG Project
	Angola' first national LNG production and sales project has been developed by Chevron and is a joint venture of Angola National Petroleum (Sonangol), BP, and Total. From 2011, five million tons of LNG will be exported to the United States.