By MARI IWATA
TOKYO -- Mitsubishi Heavy Industries and unlisted Imabari Shipbuilding will set up a joint venture that would produce liquefied natural gas carriers to cash in on the rising demand for such ships, the two companies confirmed Tuesday.
Mitsubishi Heavy (MHI) is one of Japan's pioneer LNG ship builders, while Imabari is the country's most cost-competitive one.
The total LNG carrier building capacity will be as big as South Korean rivals, the two companies said in the statement.
The joint venture, MI LNG Co., will start operations on April 1. MHI will own 51% of it and Imabari the rest.
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