Inspenet, June 18, 2023.
In a shock announcement, Qatar’s energy minister revealed the country’s ambitious plans to become a global gas leader by building the world’s largest and most powerful fleet, which promises to upset the global energy balance. With a massive investment in hundreds of vessels specialized in the transport of Liquefied Natural Gas (LNG) , Qatar seeks to build the largest and most powerful fleet in the world, which promises to upset the global energy balance.
The minister, Saad Sherida Al-Kaabi, CEO and President of QatarEnergy, revealed that around €20 billion will be earmarked for the construction of this fleet in shipyards in South Korea and China. With hundreds of ships in its possession, Qatar is determined to secure its position as the undisputed leader in the global gas market.
The shipping industry is recently undergoing a transition towards green vessels due to maritime and air pollution. This transition to LNG vessels will help expand the demand for LNG,” Korean President Moon Jae-in said.
2018 saw a large increase in demand for new ships built in South Korea.
Qatar Energy; Global gas leader, will build a fleet of ships in shipyards in South Korea and China
Specifically, the country’s three big shipyards, Hyundai Heavy Industries , Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) won orders for more than 61 LNG carriers in 2018.
Qatar’s strategy is clear: establish strong business alliances and expand its influence internationally. In a historic deal, QatarEnergy signed a contract with Germany to supply 2 million tons of LNG annually from 2026. This milestone represents the first deal of its kind in Germany, a country that is currently in the process of building its own LNG terminal.
The momentous impact of this news extends beyond Qatar and Germany. Qatar, renowned for its vast natural gas reserves, is seeking to displace Russia as Germany’s top gas supplier, a challenging but crucial task for the European country, which is heavily dependent on natural gas for its economy. If Qatar achieves this goal, energy geopolitics will be significantly altered and other nations may rethink their energy supply strategies.
Building this unprecedented fleet will not only impact the global economy, but also raise important questions about sustainability and the environment. The increase in Qatar’s LNG shipping capacity may result in increased demand for and extraction of gas, which could have both positive and negative consequences for the environment and global efforts to address climate change.
As Qatar positions itself to lead the gas market, other key players in the energy industry are faced with the need to adapt and respond to this new reality. The race for gas dominance is on, and the world is watching how geopolitical and economic relations will play out in this highly competitive arena.
SOURCES: https://www.worldenergytrade.com/logistica/transporte/qatar-encarga-nuevos-buques-para-la-expansion-del-gnl
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