Qatar Petroleum launches major LNG shipbuilding program
June 1, 2020
Qatar Petroleum has entered three agreements to reserve LNG ship construction capacity in the Republic of Korea for its future LNG carrier fleet requirements.
Offshore staff
DOHA, Qatar – Qatar Petroleum has entered three agreements to reserve LNG ship construction capacity in the Republic of Korea for its future LNG carrier fleet requirements.
Under the agreements, the “Big 3” Korean shipyards - Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, and Samsung Heavy Industries - will reserve a major portion of their LNG ship construction capacity for Qatar Petroleum through the year 2027.
This is the largest ever LNG shipbuilding program, according to Qatar Petroleum.
President and CEO Saad Sherida Al-Kaabi said: “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…
“We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next seven to eight years, which could reach 100+ new vessels with a program value in excess of 70 billion Qatari Riyals [$19 billion].”
