Qatar Petroleum (QP) signed the largest LNG shipbuilding agreements in history to secure more than 100 ships valued in excess of QR 70 billion ($20 billion) to cater for its LNG growth plans, QP announced on Tuesday.
QP entered into three agreements to reserve LNG ship construction capacity in the Republic of Korea to be utilized for Qatar Petroleum's future LNG carrier fleet requirements, including those for the ongoing expansion projects in the North Field and in the US.
Under the agreements, the "Big 3" Korean shipyards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) - will reserve a major portion of their LNG ship construction capacity for Qatar Petroleum through the year 2027.
The Minister of State for Energy Affairs,Saad Sherida Al-Kaabi, who is also the former president and CEO of QP, in a virtual signing ceremony said the signing of the agreements with "the three esteemed Korean companies reflects QP's commitment to the North Field expansion projects."
"As I have previously stated, we are moving full steam ahead with the North Field expansion projects to raise Qatar's LNG production capacity from 77 million today to 126 million tons per annum by 2027 to ensure the reliable supply of additional clean energy to the world at a time when investments to meet these requirements are most needed.
These agreements will ensure our ability to meet our future LNG fleet requirements to support our expanding LNG production capacity and long-term fleet replacement requirements," he explained.
By Murat Temizer