Qatar Petroleum signs $19.2-bln LNG vessel deals

Qatar

DOHA, June 1, 2020 – Qatar’s QP has signed deals worth more than USD 19.2 billion for the construction of around 100 LNG vessels in South Korea for its North Field Expansion project, the company announced on Monday.

Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries have agreed to reserve the major portion of their LNG vessel building capacity through 2027 as part of the deal, the Qatari NOC said.

“The signing of today’s agreements with the three esteemed Korean companies reflects our commitment to the North Field Expansion projects, even during these extraordinary times,” QP CEO Saad Sherida al Kaabi said.

Read more about confidence in Qatar’s LNG future in The Energy Year’s ongoing series of interviews on the Covid-19 crisis.

The North Field is the world’s largest non-associated gasfield. QP’s expansion of the field will increase its LNG production capacity from 77 million tonnes to 110 million tonnes per year.

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