Qatar Petroleum enters agreement that could reach QR 11 billion to reserve LNG shipyard capacity in China
Qatar Petroleum has entered into an agreement to reserve LNG ship construction capacity in China to be utilized for Qatar Petroleum’s future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects.
The agreement was entered into between Qatar Petroleum and Hudong-Zhonghua Shipbuilding Group Co., Ltd. (Hudong), a wholly owned subsidiary of China State Shipbuilding Corporation Limited (CSSC). Pursuant to the agreement, a significant portion of Hudong's LNG ship construction capacity will be reserved for Qatar Petroleum through the year 2027.
The agreement was signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Mr. Lei Fanpei, the Chairman of CSSC, in a virtual ceremony held today in the presence of Sheikh Khalid Bin Khalifa Al Thani, CEO of Qatargas, and Mr. Chen Jianliang, Chairman of Hudong, as well as senior executives from Qatar Petroleum, Qatargas, CSSC and Hudong.
The North Field expansion projects will increase Qatar's LNG production capacity from 77 million tons per annum to 126 million tons per annum. Qatar Petroleum’s LNG carrier fleet program is the largest of its kind in the history of the LNG industry and will play a pivotal role in meeting the shipping requirements of Qatar Petroleum’s local and international LNG projects, as well as replacing some of Qatar's existing LNG fleet.