On March 24th, Qatar Gas Transport Company Limited (Nakilat) is proud to announce that it has signed with QatarEnergy the long-term charter party agreements for 25 Conventional LNG Vessels as part of QatarEnergy’s historic LNG fleet expansion program.
The agreements were signed by H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and Eng. Abdullah Fadala Al-Sulaiti, Chief Executive Officer of Nakilat, during a special ceremony held at QatarEnergy’s headquarters.
On February 11, 2024, QatarEnergy selected Nakilat as the owner and operator of a series of LNG carriers, each with a capacity of 174,000 cubic meters, to be 100% owned by Nakilat and leased to QatarEnergy subsidiaries for a period of 15 years under long-term charter agreements. The agreement includes 25 174,000 cubic meter LNG carriers, all of which will be built by Korean shipbuilders, and is designed to meet the LNG transportation needs of QatarEnergy’s LNG expansion project as well as fleet renewal needs.
Specifically, 25 LNG carriers are being constructed by HD Hyundai Heavy Industries and Hanwha Ocean (formerly formerly Daewoo Shipbuilding & Marine Engineering), including the 17 LNG carriers announced by HD Hyundai Heavy Industries on October 26 last year and eight of the 12 LNG carriers announced by Hanwha Ocean in March this year. The 17 LNG carriers contracted by HD Hyundai Heavy Industries are scheduled to be delivered to the shipowner in the second half of 2029, with a length of 299 meters, a width of 46.4 meters and a height of 26.5 meters. Specific details of Hanwha Ocean’s 12 LNG carriers have not been disclosed.
Commenting on this occasion, H.E. Minister Al-Kaabi said: “These agreements underscore our continued confidence in Nakilat – Qatar’s flagship LNG shipping and maritime company. This is a testament to Nakilat’s world-class capabilities as well as to the significant contributions of Qatari listed companies to our country’s national economy.”
On his part, Eng. Abdullah Al-Sulaiti said: “We are proud of this partnership with QatarEnergy, through which we aspire to provide added value in the LNG transportation market as one of the active partners in meeting the requirements of the North Field LNG expansion projects. We are fully committed to adopting the latest technology and expertise to ensure safer, more efficient and reliable transportation of LNG from Qatar to the world.”
On February 11, 2024, QatarEnergy selected Nakilat to be the owner and operator of these vessels according to long-term charter contracts. The LNG carriers, each with a capacity of 174,000 cubic meters, will be owned 100% by Nakilat and chartered to affiliates of QatarEnergy. They are scheduled for construction in Korean shipyards as part of QatarEnergy’s historic LNG fleet expansion project, which is intended to cater for the LNG transportation requirements of QatarEnergy’s LNG expansion projects as well as its fleet renewal requirements.
To accelerate the energy transition and in response to the future vision and strategy of Qatar’s LNG industry, Qatari LNG giant Qatargas has changed its name to QatarEnergy LNG and currently operates 14 LNG production lines at Ras Laffan with a capacity of approximately 77 million tons per year.
Qatar, the world’s largest exporter of liquefied natural gas (LNG), has the largest single gas field in the world in the North Field. QatarEnergy is significantly increasing LNG production from the North Field, with the first phase of the expansion project (2025) increasing annual production capacity from 77 million tons to 110 million tons, and the second phase (2027) to 126 million tons, with a project size of up to $40 billion.