QATAR PETROLEUM SIGNS THE LARGEST SHIPBUILDING AGREEMENT IN HISTORY
Qatar Petroleum entered into three agreements today 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 United States. 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 agreements were signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum in a virtual signing ceremony attended by His Excellency Mr. Sung Yun-mo, the Minister of Trade, Industry & Energy of the Republic of Korea.
Excellency Minister Al-Kaabi highlighted Korea’s position as a key and strategic energy partner with the State of Qatar, and thanked His Excellency Minister Sung Yun-mo and the Korean companies for their role in supporting the strong Qatar-Korean business relations and hoped that this milestone will take the relationship with Korean business partners to greater and wider horizons. He said, “The new LNG vessels will be equipped with the latest generation slow speed dual fuel engines, utilizing LNG as a fuel. This will ensure the most efficient performance and compliance with the latest global emission and environmental regulations. We will continue working on reducing emissions from our fleet to protect the regional and global environment in line with the environmental objectives of the Qatar National Vision 2030.”
Qatar Petroleum’s LNG carrier fleet program is the largest of its kind in the history of the LNG industry, and will play a pivotal role in meeting the shipping requirements of Qatar Petroleum’s local and international LNG projects, as well as replacing part of Qatar’s existing LNG fleet.
(Source: Qatar Petroleum – Image: Qatar Petroleum headquarters)
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