Qatar Orders LNG Carriers

Thursday, May 25, 2006
Qatar Gas Transport Company (Nakilat) signed a contract with two South Korean shipbuilding giants to construct the world's largest liquified natural gas (LNG) carriers at a cost of $2.5b. The carriers will be the largest in the world in terms of capacity, the statement said. The signing of the deal coincided with the fifth annual Asia Cooperation Dialogue meeting taking place in Doha with the participation of Asian foreign ministers including South Korea's Ban Ki-Moon.

The carriers will be leased to Qatar Liquefied Gas Company, a joint venture between Qatar Petroleum and energy giant ExxonMobil, to transport LNG from one of their largest projects at the North Field, estimated to contain nearly 10 per cent of the world's proven gas reserves. Nakilat is expected to acquire a total of 61 liquefied natural gas (LNG) vessels worth a whopping $16bn up until 2010, said Nakilat Vice Chairman Faisal Mohamed Al Suwaidi here yesterday. Al Suwaidi speaking at the signing of time charter agreement for LNG vessels between Nakilat and Qatar Liquefied Gas Company-2 (QG2) told reporters that the scale of the multi-billion dollars projects being undertaken at Ras Laffan is unprecedented anywhere in the world, adding that the vessels would be acquired on time to meet the country's anticipated huge production capacity. Qatargas-2, (QG2) and Nakilat yesterday signed a 25-year time-charter for six "QMax" LNG carriers of approximately 265,000 cubic metres carrying capacity each. In addition to the 100 per cent owned six ships, Nakilat has 30 to 60 per cent equity interest in another 28 LNG carriers that have either been delivered or on order to service Qatar's LNG projects, including the earlier QG-2 vessels.

While these will be the largest LNG carriers ever constructed, physically they are slightly smaller than the common VLCC's that currently transport crude oil around the world. QG 2 intends to use the vessels, along with the 8 "QFlex" LNG carriers (approximately 215,000 cubic meters capacity each) contracted for over a year ago, to transport LNG from its trains 4 and 5, each with a production capacity of 7.8 million tons per year. Mohammed Ghannam, Managing Director of Nakilat said that this will be the first time that Nakilat will take 100 per cent ownership of the 6 large LNG carriers.

The six first-ever double hull QMax ships have been designed with state of the art safety features, such as an 80 year inner hull fatigue life combined with primary and secondary membrane barriers for LNG containment. Qatar is set to be the world's biggest exporter of LNG by 2010 with an annual output of 30 million tonnes and is pushing to take production to 45 million tonnes a year. Source: The Peninsula

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

LNG

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1272 sec (8 req/sec)