QatarEnergy signs time charter agreements with Nakilat for operation of 25 LNG vessels

TCP deals are part of second ship-owner tender under QatarEnergy’s historic LNG fleet expansion programme

QatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG vessels as part of the second ship-owner tender under QatarEnergy’s historic LNG fleet expansion programme.

The agreements were signed on Sunday by HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, and Abdullah al-Sulaiti, CEO, Nakilat, at a ceremony held at QatarEnergy’s headquarters in Doha, and attended by senior executives from QatarEnergy, QatarEnergy LNG, and Nakilat.

Some 17 of the 25 LNG vessels are being constructed at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining eight are being constructed at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) also in South Korea.

Commenting on this occasion, al-Kaabi said, “These agreements firm up last month’s selection of Nakilat as the owner and operator of up to 25 conventional-size LNG carriers, underscoring our continued confidence in Qatar’s flagship LNG shipping and maritime company. 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: “The agreements we signed today play an important role in implementing QatarEnergy’s historic LNG shipping programme, which will cater for our future requirements, as we move forward with the expansion of our LNG production capacity to 142mn tonnes per annum by 2030, ensuring additional cleaner and reliable energy supplies to the world.”

Each of the 25 vessels will have a capacity of 174,000 cubic metres and will be chartered out by Nakilat to affiliates of QatarEnergy, pursuant to the 15-year TCP agreements.