Japanese shipowner Mitsui OSK Lines and trader Mitsui & Co have formed a new floating production storage and offloading (FPSO) alliance by taking stakes in domestic operator Modec.

MOL said it has spent ¥12.8bn ($94m) on an issue of 10m new shares in the company, with Mitsui & Co buying the same amount.

This gives them stakes of 14.86%