QatarEnergy Signs New LNG Ship-building Agreement Valued at Qr14.2 Billion with HD Hyundai Heavy Industries

Source Press Release
Company QatarEnergyHyundai Heavy Industries Co 
Tags LNG & Gas Storage/Processing, Asset Deals, Deals
Date September 27, 2023

QatarEnergy signed an agreement with Korea’s HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers.

The deal, valued at 14.2 billion Qatari Riyals, marks the start of the second phase of QatarEnergy's LNG ship acquisition program, which will support its expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects as well as its long-term fleet replacement requirements. 

Together with the 60 ships that were contracted for by QatarEnergy in the first phase of the program, which will be built at Korean and Chinese shipyards, today’s agreement brings the total number of confirmed new LNG vessels to be delivered to  QatarEnergy and its affiliates to 77, with more to follow.

To commemorate this occasion, a special ceremony was held in Seoul and was attended by H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of QatarEnergy, senior executives from QatarEnergyQatarEnergy LNG and HD Hyundai. The agreement was signed by H.E. Minister Al-Kaabi and

Mr. Ka Sam-hyun , the Vice Chairman & CEO of HD Korea Shipbuilding & Offshore Engineering (KSOE).

Commenting on this occasion, H.E. Minister Al-Kaabi said “This is another milestone in our long-term relationship with HD Hyundai Heavy Industries and the Korean shipbuilding industry in general, which is built on the strong and strategic partnership between the State of Qatar and the Republic of Korea.”

His Excellency added: “These 17 LNG carriers will be built by HD Hyundai Heavy Industries to the highest technical and environmental standards and specifications. Further, the vessels are designed to achieve optimal fuel efficiency and significant reduction in carbon emissions. This emphasizes our continued commitment as a leader in sustainability, innovation, and growth within the LNG industry."

H.E. Minister Al-Kaabi concluded his remarks by congratulating both sides and extending his thanks to the working teams for their efforts that led to this important collaboration.

On his part, Mr. Ka Sam-hyun said: “We value our partnership with Qatar, and we are very proud of taking part in the world’s largest LNG new build project. We firmly believe that this opportunity will further consolidate the long-standing cooperative relationship between our two countries and companies. We are fully committed to contributing to this project with the most advanced technology and expertise to ensure safer, more efficient, and reliable transportation of LNG from Qatar to all over the world.”

QatarEnergy’s historic LNG ship-building program is the largest of its kind in the history of the LNG industry and will play a pivotal role in meeting its future shipping requirements as it expands Qatar’s LNG production capacity. 

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd