Inspenet, October 7, 2023.
QatarEnergy has signed a contract worth $3.9 billion with HD Hyundai Heavy Industries (a South Korean company) for the construction of 17 LNG carriers designed to transport liquefied natural gas (LNG).
According to a statement issued by the Qatari company last week, the agreement was formalized in Seoul and bore the signatures of Saad Sherida Al-Kaabi, the Minister of Energy of Qatar and CEO of QatarEnergy and Ka Sam-hyun, vice president of HD Hyundai Heavy Industries.
QatarEnergy increases its fleet
With this agreement, the company enters the second phase of its fleet expansion plan. According to the terms of the contract, these are 17 vessels considered “ultramodern,” which will be added to the 60 that the company had already ordered from South Korean and Chinese shipyards the previous year, thus raising the total number of vessels to 77. This figure makes this ship acquisition program the most ambitious and extensive in the history of the naval industry.
Additionally, the statement indicates that this second phase of expansion of its fleet is intended to increase the production of liquefied natural gas in two future facilities of the company. One of these facilities is located in the North Gas Field, located northwest of the Qatar peninsula, in the Persian Gulf, and the other is located in the Sabine Pass region, Texas, in the American coast washed by the Gulf of Mexico.
Likewise, the statement reflects the statements of Saad Sherida Al-Kaabi, Minister of Energy of Qatar and CEO of QatarEnergy, who stated that these new vessels are designed to achieve optimal efficiency in fuel consumption and a “significant reduction” of carbon dioxide emissions (CO2) at the same time.
It is clear that this strategy follows the direction set by the company since 2021, the year in which it changed its name from Qatar Petroleum to QatarEnergy. This decision is part of the Al Thani monarchy’s intention to take advantage of the opportunity generated by the climate crisis, aggravated by Russia’s invasion of Ukraine. This situation has forced many countries to look for alternative energy sources.
Qatar aims to increase its global influence by taking advantage of the growth of a market that, according to Bloomberg projections, will reach 401 million tons this year, representing an increase of 2% compared to last year.