Gas will be needed by most nations well beyond 2050, says Al Kaabi from Qatar

QatarEnergy inks deal with Qatar Gas Transport Company Limited (Nakilat) to own and operate up to 25 LNG carrier newbuildings.

Nakilat will be the 100% owner and operator of up to 25 conventional-size LNG carriers, as announced on Saturday, and time chartered out to affiliates of QatarEnergy.

The conventional-size liquefied natural gas (LNG) carriers, with a capacity of 174,000 cubic meters, are scheduled for construction at South Korean shipyards, as part of QatarEnergy’s LNG fleet expansion project.

This constitutes the first award in the second batch of long-term time charter parties (TCPs) under QatarEnergy’s LNG fleet expansion project, a statement said.

Saad Sherida Al-Kaabi, the minister of state for energy affairs, the president and chief executive of QatarEnergy, commented that “this is a testament to Nakilat’s world-class capabilities as well as to the significant contributions of listed companies to the national economy.”

“We are extremely pleased to announce this partnership with Nakilat, which reflects our confidence in Qatar’s flagship LNG shipping and maritime company. We are equally proud to see this LNG transportation champion compete as part of a global tender and be able to win on a purely competitive basis,” the minister said.

It was revealed by the minister Al-Kaabi that QatarEnergy “is moving firmly” in building more than 100 LNG ships, and that the names of additional bidders will be announced in the near future.

In 2022, QatarEnergy sealed a deal for a series of long-term time charter parties (TCPs) and operation of 60 LNG ships, concluding the first phase of its fleet expansion program, in order to support the future requirements of QatarEnergy’s north field east and north field south expansion projects.

It will also support the shipping requirements of QatarEnergy Trading to serve its global LNG portfolio, including volumes to be produced from the Golden Pass LNG export project. In addition, part of the program is intended to cater for replacement requirements of the existing Qatar LNG fleet.