This projection was made in the 1970's for a general purpose map. It isn't equal area or conformal and like the Times projection it curves the meridian. The distortion to the poles is relative severe, but it does a better job at preserving size and shape of high latitude lands than the mercator projection. Directions are true along the parallels and along the central meridian. Directions are true along the equator and along the other parallels.
This projection is used for large scale mapping and best suited for a use with a north-south orientation. Direction is true only on the centre meridian and the distances are true only for the central meridian and along the parallels. This one is also a compromise, not being equal area or conformal.