In a landmark move set to bolster Qatar's position as a global leader in liquefied natural gas (LNG) production, QatarEnergy has inked time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25 conventional-size LNG vessels. This strategic collaboration marks a significant step in QatarEnergy's ambitious LNG Fleet Expansion Program, aimed at elevating LNG production capacity to 142 million tons per annum by 2030.
The agreement, announced during a signing ceremony held in Doha on Sunday, was presided over by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy. Al-Kaabi emphasized the pivotal role of this expansion in ensuring the provision of cleaner and reliable energy supplies to global markets.
Of the 25 LNG vessels, 17 are slated for construction at the Hyundai Heavy Industries (HHI) shipyards in South Korea, with the remaining eight being built at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering), also in South Korea.
Al-Kaabi expressed confidence in Nakilat's capabilities, underscoring last month's decision to appoint them as the owner and operator of these LNG carriers. He hailed Nakilat's standing as a cornerstone of Qatar's LNG shipping industry, highlighting their contributions to the nation's economic prosperity.
Each vessel, boasting a capacity of 174,000 cubic meters, will be chartered out by Nakilat to QatarEnergy affiliates under 15-year TCP agreements, ensuring a stable supply chain for LNG transportation.
The signing ceremony, held at QatarEnergy's headquarters, witnessed the formalization of the agreements by Al-Kaabi and Abdullah Al Sulaiti, the CEO of Nakilat. Senior executives from QatarEnergy, QatarEnergy LNG, and Nakilat graced the occasion, marking a significant milestone in Qatar's LNG expansion endeavors.
The agreement not only solidifies Qatar's position as a global LNG powerhouse but also signifies a robust partnership aimed at meeting the world's growing energy demands while adhering to environmental sustainability goals. As QatarEnergy continues its trajectory of growth and innovation, such collaborations underscore its commitment to shaping the future of the global energy landscape.
