QatarEnergy has named the first LNG carrier to be delivered as part of its new LNG fleet expansion program as Rex Tillerson, in recognition of the former Chairman and CEO of ExxonMobil, who also served as the 69th United States Secretary of State.
During his 10-year term as Chairman and CEO of ExxonMobil, Tillerson oversaw the consolidation of relations with the State of Qatar and its energy sector, resulting in strategic partnerships and significant investments in Qatar’s LNG industry.
While making his mark on the global energy scene, he concurrently assumed a pivotal role in both initiating and overseeing the implementation of landmark energy projects in Qatar.
The Rex Tillerson LNG carrier is expected to be put in service in September 2024 and is currently under construction at the Hudong Zhonghua Shipyard in China as part of a 12-ship construction program that makes up the first batch of orders from China in QatarEnergy’s massive LNG shipbuilding program.
QatarEnergy’s new fleet will be equipped with the latest maritime technology ensuring optimal operational efficiency and compliance with the most stringent environmental regulations, thus reflecting QatarEnergy’s commitment to sustainability and environmental stewardship.
“This announcement is a testament to the remarkable achievements of an exceptional energy visionary, a man whose legacy will continue to be felt in Qatar for decades.
“As a result of Rex’s leadership, a long and fruitful strategic partnership that flourished from one of the oldest Qatari relationships with international oil companies, prospered and developed even further.
“For that, it is our honor to name the first LNG carrier built as part of our new fleet in his name, a tribute to his life-long accomplishments and a symbol of a special relationship,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy.
In 2022, QatarEnergy signed a series of time charter parties (TCPs) for the long-term charter and operation of 60 LNG carriers, marking the end of the first phase of the new LNG fleet expansion program. The program is designed to support and meet the future needs of QatarEnergy’s North Field East (NFE) and North Field South (NFS) expansion projects.
Currently, QatarEnergy is promoting the second phase of the “new LNG fleet expansion program”, and has signed a contract in October 2023 with the South Korea shipping company HD Hyundai Heavy Industries for the construction of 17 LNG carriers of 174,000 m3. The order value is about $3.9 billion, and the cost of a single unit is about $230 million, marking the official start of the second phase of the “new LNG fleet expansion program”. Earlier this month (February 6), Samsung Heavy Industries, another large South Korean shipbuilder, announced that it had signed a construction contract for 15 174,000 m3 LNG carriers with a Middle East shipowner, with a total order value of about $3.47 billion and a unit cost of about $230 million.
In addition to the order from the South Korean shipyards, QatarEnergy has signed an agreement with Hudong-Zhonghua Shipbuilding for the construction of eight 271,000 m3 Q-Max ultra-large LNG carriers, which are expected to be delivered between 2028 and 2029.
The Q-Max vessels are also part of Qatar Energy’s “new LNG fleet expansion program” and will primarily serve QatarEnergy’s long-term transactions related to the North Field Expansion Project, including transactions with Chinese customers.