Singapore Neptune Orient Line Unit Gets US$220M Contract

sg.biz.yahoo.com Monday March 3, 9:10 AM

SINGAPORE (Dow Jones)--American Eagle Tankers, the U.S.-based oil transporting unit of Singapore's Neptune Orient Lines Ltd. (P.NEP), has received a US$220-million contract to transport fuel from Venezuela to Asia, the shipping line said Sunday.

American Eagle Tankers will transport orimulsion, a bitumen-based fuel, for a unit of Venezuelan national oil company PDVSA, for delivery to Singapore power company Power Seraya, NOL said in a statement.

The contract is for seven years with an option for a three-year extension, and starts in the second half of 2004, it said.

-By Sai Man, Dow Jones Newswires, 65 6415 4155; sai.man@dowjones.com

-Edited by Sumathi Vaidyanathan