Croatian shipowner Alpha Adriatic is winding up its LNG and LPG shipmanagement venture after failing to make a breakthrough in the sector.
The former Uljanik Plovidba said its subsidiary Uljanik Plovidba LNG will be deleted from the country's court register and will cease to exist.
The venture, owned on a 50/50 basis with Cyprus-based ETCA Caspian Limited, failed to fulfil its plan to invest in gas projects, Alpha said in a filing.
Uljanik Plovidba LNG was formed in April 2017 to focus on gas transport and storage.
The Croatian company, which has bulkers and tankers, and ETCA, an oil products and gas specialist, wanted to diversify their activities.
At that time, they viewed the new market as "attractive and very interesting", particularly in Asia, where major infrastructure projects were planned.
The plan was first mooted in December 2016, when Uljanik said it was targeting the Caspian Sea region.
ETCA is a partner of financial advisor Cedar Peak Holdings of Lebanon and has previously invested in Kazakhstan with Texaco.
