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QATAR PETROLEUM SIGNS LARGEST-EVER LNG CARRIER DEAL

Tuesday, June 2, 2020 

Qatar Petroleum has entered into three agreements with major South Korean shipbuilders to reserve LNG ship construction for its future LNG carrier fleet requirements, including those for the ongoing expansion projects in the North Field and in the US.

Under the agreements, reportedly worth a combined total in excess of US$19m, Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) - will reserve a major portion of their LNG ship construction capacity for Qatar Petroleum through to the year 2027.

HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, said: “We are moving full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 126 million tons per annum by 2027 to ensure the reliable supply of additional clean energy to the world at a time when investments to meet these requirements are most needed. These agreements will ensure our ability to meet our future LNG fleet requirements to support our expanding LNG production capacity and long-term fleet replacement requirements. With the conclusion of these milestones agreements, we have everything in place to commence the largest LNG shipbuilding programme in history. We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next 7-8 years, which could reach 100+ new vessels with a programme value in excess of 70 billion Qatari Riyals.”

He continued: “The new LNG vessels will be equipped with the latest generation slow speed dual fuel engines, utilising LNG as a fuel. This will ensure the most efficient performance and compliance with the latest global emission and environmental regulations. We will continue working on reducing emissions from our fleet to protect the regional and global environment in line with the environmental objectives of the Qatar National Vision 2030.”

Qatar Petroleum’s LNG carrier fleet programme is said to be the largest of its kind in the history of the LNG industry, and will play a pivotal role in meeting the shipping requirements of Qatar Petroleum’s local and international LNG projects, as well as replacing part of Qatar's existing LNG fleet.

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