Chinese tankers to carry US shale gas to Europe

Two gas tankers built by the Sinopacific Offshore and Engineering were named on Tuesday, and will soon be shipping shale gas to Europe from the United States, officials said.

The ships will join an eventual eight-strong fleet of tankers operated by Swiss-headquartered petrochemical manufacturer Ineos Group Ltd, which will carry 800,000 tons of shale gas annually from the US to its European manufacturing plants.

Jim Ratcliffe, Ineos' founder and chairman, said the $1 billion project will help revolutionize the European chemicals industry by reducing both feedstock and energy costs.