In a significant move to bolster its LNG shipping capacity, QatarEnergy has inked time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25 conventional-size LNG vessels. These agreements are part of the second ship-owner tender under QatarEnergy’s historic LNG fleet expansion program.
The minister of state for energy affairs, and president and CEO of QatarEnergy, Eng. Saad bin Sherida Al Kaabi, and CEO of Nakilat, Eng. Abdullah Al Sulaiti, recently signed the agreement in Doha.
Enhancing LNG transportation
Al Kaabi expressed confidence in Nakilat’s capabilities, underscoring the importance of the partnership in enhancing Qatar’s flagship LNG shipping and maritime sector. The agreements solidify Nakilat’s role as the owner and operator of up to 25 conventional-size LNG carriers. Moreover, it reflects QatarEnergy’s commitment to leveraging local expertise and resources for national development.
“This is a testament to Nakilat’s world-class capabilities as well as to the significant contributions of Qatari-listed companies to our country’s national economy,” Al Kaabi added.
For his part, Al Sulaiti emphasized the company’s dedication to providing added value in the LNG transportation market. He highlighted Nakilat’s role as one of the active partners in meeting the requirements of expanding the North Field LNG. Moreover, he cited Nakilat’s adoption of cutting-edge technologies and expertise to ensure the safe and reliable transportation of LNG from Qatar to global markets. Therefore, the partnership with QatarEnergy reinforces Nakilat’s position as a key player in meeting the growing demand for LNG transportation services.
Read: Oman LNG inks deal to provide LNG supply to Germany’s SEFE
Fleet expansion
On February 11, 2024, QatarEnergy and Nakilat solidified their collaboration when QatarEnergy announced Nakilat as the owner and operator of LNG carriers under long-term contracts. Nakilat will own 100 percent of the vessels, each boasting a capacity of 174,000 cubic meters. It will then lease them to QatarEnergy-affiliated companies.
This strategic move aligns with QatarEnergy’s ambitious LNG fleet expansion program, which aims to meet the requirements of LNG expansion projects and increase the company’s fleet of tankers. Moreover, QatarEnergy’s historic fleet expansion program involves the construction of LNG carriers in shipyards in South Korea.
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