QatarEnergy pens charter deal with Nakilat for 25 LNGCs
QatarEnergy has finalised time-charter agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG carriers (LNGCs) as part of its LNG fleet expansion program, the company announced on March 24.
Seventeen of these LNGCs are currently under construction at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining eight are being built at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering), also located in South Korea.
“These agreements firm up last month’s selection of Nakilat as the owner and operator of up to 25 conventional-size LNG carriers, underscoring our continued confidence in Qatar’s leading LNG shipping and maritime company," CEO of QatarEnergy Saad Sherida Al-Kaabi stated.
“Today's agreements are pivotal in advancing QatarEnergy’s historic LNG shipping programme, which is crucial for meeting our future demands. As we progress with expanding our LNG production capacity to 142mn tonnes/year by 2030, these agreements ensure the provision of additional cleaner and reliable energy supplies to the world," he added.
Each of the 25 vessels will boast a capacity of 174,000 m3 and will be chartered out by Nakilat to affiliates of QatarEnergy in accordance with the terms outlined in the agreements.
Qatar, the world's largest LNG exporter, held a groundbreaking ceremony on October 3 last year for the North Field expansion project, which will raise the country's LNG production capacity from 77mn tonnes/year to 126mn tonnes/year by 2026.
In December last year, QatarEnergy announced the successful integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG.
In February this year, QatarEnergy unveiled the North Field West LNG expansion project, which aims to elevate Qatar's LNG production capacity to 142mn tonnes/year before the end of the decade, marking an 85% increase from current production levels.