Belgian shipping firm Exmar in LPG joint venture with Teekay

BRUSSELS Wed Dec 5, 2012 2:20am EST

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BRUSSELS Dec 5 (Reuters) - Belgian natural gas shipping firm Exmar has entered into a joint venture with Teekay Liquified Natural Gas Partners to benefit from growth in demand for liquefied petroleum gas (LPG).

Exmar will contribute 16 LPG vessels to the joint venture, while Teekay, formed by Bermuda-based oil transporter Teekay Corp, will put in about $140 million of equity, the two companies said in a joint statement on Wednesday.

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