QatarEnergy, Nakilat ink time-charter deal for 25 LNG vessels

Image: QatarEnergy

In a key development poised to reinforce Qatar’s liquefied natural gas (LNG) sector, QatarEnergy has signed time-charter party agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG vessels.

The step comes as part of QatarEnergy‘s ambitious LNG Fleet Expansion Programme, aiming to boost Qatar’s position as a leading supplier of LNG.

Of the 25 LNG vessels, 17 are currently under construction at the Hyundai Heavy Industries shipyards in South Korea, while the remaining eight are being built at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering), also in South Korea.

Each vessel will boast a capacity of 174,000 cubic metres, catering to the growing demand for LNG transportation worldwide.

As part of the second ship-owner tender for conventional LNG vessels

QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels#QatarEnergy #YourEnergyTransitionPartner #Qatar pic.twitter.com/PBNC5Jto5w

— QatarEnergy (@qatarenergy) March 24, 2024

QatarEnergy, Nakilat support the country’s LNG shipping programme

Saad Sherida Al-Kaabi, lauded the collaboration with Nakilat, emphasising its significance in bolstering Qatar’s LNG shipping programme and ensuring the nation’s readiness to meet future energy demands.

Al-Kaabi stated, “These agreements underscore our confidence in Nakilat’s unparalleled capabilities and its pivotal role in Qatar’s LNG shipping sector. As we embark on expanding our LNG production capacity to 142 million tonnes per annum by 2030, these vessels will play a crucial role in ensuring the reliable delivery of LNG to global markets.”

Furthermore, Al-Kaabi highlighted the broader economic impact of the agreements, emphasising the contributions of Qatari-listed companies to the nation’s economy.

He remarked, “This partnership reinforces Qatar’s commitment to sustainable energy solutions while promoting economic growth and national prosperity.”

Under the 15-year time-charter party agreements, Nakilat will charter out the vessels to affiliates of the energy giant, facilitating the seamless transportation of LNG to key destinations worldwide.