RIYADH: QatarEnergy has signed a contract with South Korea’s Hyundai Heavy Industries to construct 17 new liquefied natural gas carriers, marking the beginning of the second phase of the energy firm’s maritime fleet expansion program.
Valued at 14.2 billion Qatari riyals ($3.9 billion), this deal, according to Qatar News Agency, aims to support increased LNG production from the North Field Expansion and Golden Pass projects while addressing long-term fleet modernization needs.
In addition to the 60 carriers contracted during the first phase of the program, which were constructed in Korean and Chinese shipyards, this agreement will raise the total number of new LNG carriers to be delivered to QatarEnergy and its subsidiaries to 77.
Furthermore, there are plans for additional carriers in the future, as reported by QNA.
The agreement was signed by Saad bin Sherida Al-Kaabi, the minister of state for energy affairs and the CEO of QatarEnergy, and Sam Hyun Ka, vice chairman at Korea Shipbuilding & Offshore Engineering Co. Ltd.
Al-Kaabi stated that the agreement represents another milestone in the relationship with Hyundai Heavy Industries and the Korean shipbuilding industry.
He added: “Hyundai Heavy Industries will construct these 17 LNG carriers to the highest technical, environmental, and quality standards, ensuring optimal fuel efficiency and significant reductions in carbon emissions. This underscores our ongoing commitment to leadership in sustainability, innovation, and growth in the LNG industry.”
Hyun Ka said: “We take pride in our partnership with Qatar and participation in one of the world's largest LNG projects. We have strong faith that this opportunity will enhance the long-term cooperation between our two companies and our nations.”
QatarEnergy’s LNG carrier fleet expansion program plays a crucial role in meeting future shipping demands as the country expands its production capacity from the North Field.
