QatarEnergy inks QR14.2bn deal with South Korea’s HHI for 17 LNG carriers

QatarEnergy inks QR14.2bn deal with South Korea’s HHI for 17 LNG carriers

QLNews
By QLNews

QatarEnergy signed a mammoth QR14.2bn deal with South Korea’s HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers.

The deal marks the start of the second phase of QatarEnergy’s LNG ship acquisition program, which will help it in expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects. It will also help with its long-term fleet replacement requirements.

QatarEnergy ordered 60 LNG carrier ships in the first phase, all of which will be built at South Korean and Chinese shipyards. With the new agreement, the total number of confirmed new vessels will reach 77, with more to follow.

A special ceremony was held in Seoul, South Korea, on Wednesday to commemorate the occasion. It was attended by Qatar’s Energy Minister and President & CEO of QatarEnergy HE Saad Sherida Al Kaabi and other senior executives from the two companies.

Al Kaabi and Ka Sam-Hyun, Vice Chairman & CEO of HD Korea Shipbuilding & Offshore Engineering (KSOE), signed on the dotted lines.

“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 Qatar and South Korea,” said the senior minister.

“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 a significant reduction in carbon emissions. This emphasizes our continued commitment as a leader in sustainability, innovation, and growth within the LNG industry,” added Al Kaabi.

“We value our partnership with Qatar and we’re very proud of taking part in the world’s largest LNG new build project. We firmly believe this opportunity will further consolidate the long-standing cooperative relationship between our two countries and companies. We’re fully committed to contributing to this project with the most advanced technology and expertise to ensure safer, more efficient, and reliable transportation of LNG from Qatar to all over the world,” said Sam-hyun.

QatarEnergy’s historic LNG shipbuilding 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.

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