QatarEnergy reveals plans for further expansion of its fleet growth programme

QatarEnergy and Nakilat have announced that their vessels will enter into timecharters with affiliates of the two companies. This is the first award in the second phase of long-term timecharters in the largest-ever LNG fleet expansion program. QatarEnergy’s LNG Fleet Expansion Project will also involve the selection of additional bidders to own vessels, and these awards will be announced in due course. The prevailing cost of standard-sized LNG carriers is around $260 million, but recent orders for 15 LNG tankers of this size have cost about $230 million, similar to QatarEnergy’s recent 17-ship deal with HD Hyundai Heavy Industries.

His Excellency Mr Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed his pleasure in announcing the partnership with Nakilat, reflecting confidence in Qatar’s flagship LNG shipping and maritime company. He also noted that QatarEnergy is moving forward in building its future LNG fleet, expected to be in excess of one hundred vessels, and looks forward to announcing the names of additional successful bidders in the near future. This partnership is a testament to Nakilat’s world-class capabilities and the significant contributions of listed companies to the national economy.

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