QatarEnergy and Nakilat enter long-term agreement to charter and operate nine “QC-Max” class LNG vessels

English , Qatar - قطر , Snippets , / Wednesday, May 8th, 2024

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DOHA, Qatar • 8 May 2024 – QatarEnergy signed a long-term agreement with Qatar Gas Transport Company Limited (Nakilat) pursuant to which Nakilat will own and operate nine “QC-Max” class LNG vessels, the largest LNG vessels ever built.

The agreement was signed today by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy and Mr. Abdullah Al-Sulaiti, the CEO of Nakilat, in a special ceremony held at QatarEnergy’s headquarters in Doha, and attended by senior executives from QatarEnergy, QatarEnergy LNG, and Nakilat.

The nine QC-Max vessels, with a capacity of 271,000 cubic meters each, constitute half of the 18 advanced QC-Max class LNG vessels that will be constructed at China’s Hudong-Zhonghua Shipyard. To date, QatarEnergy’s fleet expansion program encompassed the execution of shipbuilding contracts and time charter agreements for 104 conventional LNG vessels and 18 QC-Max class LNG vessels, for a total of 122 ultra-modern vessels, with the first new ship expected to be delivered by the end of the third quarter of this year.

Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi said: “We are very proud to have Qatar’s flagship LNG shipping and maritime champion join a list of world-class shipowners operating our state-of-the-art QC-Max LNG vessels – the largest ever built. There is no doubt that this is another testament to Nakilat’s significant capabilities.”

His Excellency Minister Al-Kaabi added: “With last month’s signing of the industry’s largest single shipbuilding contract ever, QatarEnergy is pushing ahead with the implementation of its historic LNG vessel expansion program with full confidence that Nakilat and our selected international shipowners will ensure that our fleet is operated to the highest and most advanced safety, technical and environmental standards.”

Today’s long-term agreement follows February’s selection of Nakilat as the owner and operator of 25 conventional-size LNG vessels. It also follows the signing of similar agreements in Beijing with three Chinese ship owners for the operation of nine new QC-Max class LNG vessels as part of QatarEnergy’s historic LNG fleet expansion program, which will cater for QatarEnergy’s future requirements, as it moves forward with the expansion of its LNG production capacity from the North Field to 142 million tons per annum by 2030.