Hyundai Heavy Industries receives $3.9 billion contract from QatarEnergy to build 17 LNG tankers

QatarEnergy has signed a contract worth $3.90 billion with HD Hyundai Heavy Industries to supply 17 liquefied natural gas (LNG) tankers, according to a statement by the state-owned company. The deal will support QatarEnergy’s LNG production capacity expansion and its long-term fleet replacement needs. Qatar’s North Field expansion plan aims to make it the world’s largest LNG exporter, increasing its liquefaction capacity from 77 million tonnes per year to 126 million tonnes per year by 2027. QatarEnergy has already secured contracts to build 60 vessels in the first phase of its LNG vessel acquisition program.

The contract with HD Hyundai Heavy Industries will mark the beginning of the second phase of the program. This agreement is part of Qatar’s efforts to strengthen its position in the LNG market and meet the growing demand for natural gas worldwide. The significance of this deal lies in the support it provides to Qatar’s LNG production capacity expansion and its long-term fleet replacement needs. By increasing its liquefaction capacity, Qatar aims to solidify its status as the world’s largest exporter of LNG, ensuring its dominance in the global energy market.

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