QatarEnergy expanding LNG fleet
28 September 2023
$3.9 billion deal for 17 LNG carriers
QatarEnergy signed an agreement with Korea’s HD Hyundai Heavy Industries (HHI) for the construction of 17 liquefied natural gas (LNG) carriers.
The deal, valued at US$03.9 billion, marks the start of the second phase of QatarEnergy’s LNG ship acquisition program, which will support its expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects as well as its long-term fleet replacement requirements.
Together with the 60 ships that were contracted for by QatarEnergy in the first phase of the program, which will be built at Korean and Chinese shipyards, the new agreement brings the total number of confirmed new LNG vessels to be delivered to QatarEnergy and its affiliates to 77, with more to follow.
To commemorate this occasion, a special ceremony was held in Seoul and was attended by, the President & CEO of QatarEnergy, senior executives from QatarEnergy, QatarEnergy LNG and HD Hyundai. The agreement was signed by H.E. Minister Al-Kaabi and Mr. Ka Sam-hyun , the Vice Chairman & CEO of HD Korea Shipbuilding & Offshore Engineering (KSOE).
Commenting on this occasion, H.E. Minister Al-Kaabi said “This is another milestone in our long-term relationship with HD Hyundai Heavy Industries and the Korean shipbuilding industry in general, which is built on the strong and strategic partnership between the State of Qatar and the Republic of Korea,” said H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs. “These 17 LNG carriers will be built by HD Hyundai Heavy Industries to the highest technical and environmental standards and specifications. Further, the vessels are designed to achieve optimal fuel efficiency and significant reduction in carbon emissions. This emphasizes our continued commitment as a leader in sustainability, innovation, and growth within the LNG industry.”
QatarEnergy said its LNG ship-building program is the largest of its kind in the history of the LNG industry and will play a pivotal role in meeting its future shipping requirements as it expands Qatar’s LNG production capacity.