Marking the coming expansion of Qatar’s LNG export capabilities, QatarEnergy has announced a massive deal with Hyundai Heavy Industries (HHI) of South Korea. Under the agreement, HHI will construct 17 state-of-the-art LNG carriers, with the total transaction being valued at 14.2 billion Qatari Riyals.
This venture signifies the initiation of the second phase of QatarEnergy’s ambitious LNG ship acquisition program. This effort is not only aimed at backing the increased LNG production output from the North Field LNG expansion and Golden Pass LNG export projects but is also part of a long-term fleet replacement strategy.
Previously, in the first phase, QatarEnergy had already contracted the building of 60 ships from Korean and Chinese shipyards. With the current deal in place, the total number of LNG vessels slated for delivery to QatarEnergy and its subsidiary entities has reached 77, indicating a notable surge in shipping capacity. Additional vessel contracts are expected in the foreseeable future.
A ceremonial event in Seoul celebrated this accord. The occasion saw attendance from prominent figures, including Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, the President & CEO of QatarEnergy, along with top executives from QatarEnergy LNG and HD Hyundai. The official signing of the agreement was done by Minister Al-Kaabi and Ka Sam-hyun, who represents the role of Vice Chairman & CEO at HD Korea Shipbuilding & Offshore Engineering (KSOE).
Minister Al-Kaabi stated, “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 the State of Qatar and the Republic of Korea.”
He further highlighted the environmentally friendly design of the vessels, emphasizing Qatar’s commitment to sustainability and innovation in the LNG industry.