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QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
QatarEnergy announced that it has selected Qatar Gas Transport Company Limited (Nakilat) to be the owner and operator of up to 25 conventional-size LNG carriers pursuant to Time Charter Parties (TCP) to be entered into by affiliates of QatarEnergy and Nakilat.
This constitutes the first award in the second batch of long-term TCPs under QatarEnergy’s historic LNG Fleet Expansion Project. QatarEnergy anticipates selecting additional bidders as vessel owners and announcing these awards in due course.
Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are extremely pleased to announce this partnership with Nakilat, which reflects our confidence in Qatar’s flagship LNG shipping and maritime company. We are equally proud to see this LNG transportation champion compete as part of a global tender and be able to win on a purely competitive basis. This is a testament to Nakilat’s world-class capabilities as well as to the significant contributions of listed companies to the national economy.”
His Excellency Minister Al-Kaabi added: “QatarEnergy is moving firmly in building its future LNG fleet, expected to be in excess of one hundred vessels. We look forward to announcing the names of additional successful bidders in the near future.”
In 2022, QatarEnergy signed a series of TCPs for the long-term charter and operation of 60 LNG ships, concluding the first phase of its historic and unprecedented fleet expansion program, which aims to support and meet future requirements of QatarEnergy’s North Field East and North Field South Expansion Projects. It will also support the shipping requirements of QatarEnergy Trading to serve its global LNG portfolio, including volumes to be produced from the Golden Pass LNG Export Project. In addition, part of the program is intended to cater for replacement requirements of the existing Qatar LNG fleet.
The 25 vessels, each with a capacity of 174,000 cubic meters, will be owned 100% by Nakilat and chartered out to affiliates of QatarEnergy. They are scheduled for construction at South Korean shipyards.
It is worth noting that the profits of the Qatar Gas Tanker Company (Nakilat) had witnessed a growth of 8.3% in 2023 to reach about 1.56 billion riyals, and this reflects the continued success achieved by the company in gas transportation operations, as well as its position in the global gas transportation market and its ability to achieve sustainable growth and profitable returns for its shareholders.
