QatarEnergy acquires QR 14.2 bn in new LNG carriers

Qatar’s state-owned QatarEnergy has inked a QR 14.2 bn (USD 3.9 bn) agreement with Korea’s HD Hyundai Heavy Industries (HHI) for 17 “ultra-modern” LNG carriers, according to a company press release. The acquisition kicks off the second phase of QatarEnergy’s ambitious vessel acquisition program.

The vessels ordered look to support long-term fleet replacement requirements and keep pace with LNG production as capacity ramps up with the North Field LNG expansion and Golden Pass LNG export projects, the statement said.

REMEMBER- We first got wind of the contracts when South Korean outlets reported in June that QatarEnergy was in talks with South Korea’s “Big 3” shipbuilding companies — HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries — for a new order of LNG carriers.

There could be more coming: The company is reportedly looking to purchase USD 10.7 bn worth of vessels — making for a total of 40 vessels — from each of the “big 3” firms.

The acquisition spree is the largest in LNG industry history,the company said in the statement.The first phase of QatarEnergy’s fleet expansion program saw it sign contracts with South Korean and Chinese shipyards for 60 new vessels, with the latest orders bringing the total vessels under construction for the company to 77, the release said.