Work starts on first Korean LNG carrier as part of QatarEnergy’s fleet expansion project

LNG giant QatarEnergy celebrated the steel cutting of the first of its new generation of chartered LNG carriers to be constructed in a South Korean shipyard.

QatarEnergy said in a statement on Saturday it has joined Samsung Heavy Industries and JP Morgan Asset Management in a special ceremony in Geoje to celebrate this milestone, which is part of QatarEnergy’s giant LNG fleet expansion project.

This event follows the October 2022 successful initiation of steel cutting at China’s Hudong-Zhonghua, it said.

Back in 2020, QatarEnergy reserved slots with three Korean shipyards, inlduing Samsung Heavy, Hyundai Heavy Industries, and Daewoo Shipbuilding and Marine Engineering, now Hanwha Ocean.

Subsequently, in 2022, QatarEnergy signed multiple time charter parties with various shipowners, including affiliates of JP Morgan Asset Management, a fund investing in a wide array of transportation assets, it said.

Including orders at South Korea’s three shipbuilders and Hudong-Zhonghua, QatarEnergy concluded construction contracts and long-term time charter agreements for 60 LNG carriers last year.

QatarEnergy expects the number to grow to more than 100 LNG carriers in the future, it previously said.

The firm is expected to start awarding new contracts later this year.

QatarEnergy and its unit Qatargas are working on two giant LNG expansion projects.

Together, NFE and NFS form the wider North Field Expansion project to increase LNG production from the North Field, adding about 48 mtpa to Qatar’s export capacity and bringing it to 126 mtpa.

Qatargas currently has an LNG production capacity of about 77 mtpa in the giant Ras Laffan complex.

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Wilhelmshaven LNG jetty ready to welcome Excelerate’s FSRU

Dutch marine contractor Van Oord announced on Monday it had completed the new jetty for its client, state-owned LNG...

More News Like This

QatarEnergy eyes major LNG trading expansion

State-owned LNG giant QatarEnergy aims to increase trading of non-Qatari physical LNG volumes to 30 to 40 million tons by 2030, according to Qatar’s energy minister and chief executive of QatarEneergy, Saad Sherida Al-Kaabi.

China’s Hudong-Zhonghua delivers its 50th LNG carrier

Chinese shipbuilder Hudong-Zhonghua has delivered its 50th liquefied natural gas (LNG) carrier.

Samsung Heavy develops new FLNG concept

South Korean shipbuilding giant Samsung Heavy Industries has received approvals from three classification societies for its new multi-purpose FLNG concept.

ExxonMobil CEO expects Golden Pass LNG launch by end of this year

ExxonMobil CEO Darren Woods expects the QatarEnergy-led Golden Pass LNG export project in Texas to produce first LNG volumes by the end of this year. Separately, Golden Pass LNG is also seeking approval from the US FERC to increase peak workforce up to 10,300.