July 25, 2024
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OIL & GAS

QatarEnergy Expands LNG Shipping Fleet Ahead of Major Production Boost

QatarEnergy CEO Saad Al Kaabi announced on Sunday the finalization of charter contracts with several Asian ship owners to bolster the company’s shipping fleet by 19 LNG vessels.

According to Reuters, this move comes in anticipation of a significant expansion in LNG output as part of QatarEnergy’s North Field expansion project.

At a ceremony held at its Doha headquarters, QatarEnergy signed contracts to charter vessels from CMES LNG Carrier Investment, Shandong Marine Energy, MISC Berhad, Kawasaki Kisen Kaisha, and Hyundai Glovis.

These agreements add to QatarEnergy’s existing fleet, which already includes 77 ships built at Korean and Chinese shipyards.

The North Field expansion project aims to solidify Qatar’s position as the world’s leading LNG exporter by increasing liquefaction capacity from 77 million tons per annum (mtpa) to 142 mtpa by 2030—an 85% surge in production.

This expansion underscores QatarEnergy’s commitment to meeting growing global demand for LNG while reinforcing its leadership in the industry.

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