Qatar Petroleum entered into three agreements today to reserve LNG shipbuilding capacity in the Republic of Korea for use in the future requirements of Qatar Petroleum's LNG carrier fleet, including those for the ongoing expansion projects at North Field and in the United States.

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Under the agreements, the “Big 3” Korean shipyards – Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) – will reserve a major part of their LNG shipbuilding capacity for Qatar. Petroleum in 2027.

The agreements were signed by Mr. Saad Sherida Al-Kaabi, Minister of State for Energy, President and CEO of Qatar Petroleum at a virtual signing ceremony attended by His Excellency Mr. Sung Yun-mo, Minister of Commerce, Industry and Energy of the Republic of Korea. Also in attendance were Sheikh Khalid Bin Khalifa Al Thani, CEO of Qatargas, the CEOs of Korean shipyards, senior representatives from the Korean Ministry of Commerce, Industry and Energy, as well as executives from Qatar Petroleum, Qatargas and the three Korean shipyards.

On the Korean side, the agreement with DSME was signed by Mr. Sung Geun Lee, President and CEO of DSME, the agreement with HHIMore was signed by Mr. Sam H. Ka, President and Board Member of HHI, and the agreement with SHIA was signed by Mr. Joon Ou Nam, President and CEO of SHI.

Speaking at the signing ceremony, His Excellency Minister Al-Kaabi said, “Today's signing of the agreements with the three highly regarded Korean companies reflects our commitment to the North Field expansion projects, even during these extraordinary times. As I stated earlier, we are moving full steam ahead with the North Field expansion projects to increase Qatar's LNG production capacity from 77 million today to 126 million tons per year by 2027 to ensure reliable supply of additional clean energy to the world at a time when investments to meet these requirements are most needed. These agreements will ensure our ability to meet our future LNG fleet requirements to support our expanding production capacity and long-term fleet replacement requirements. ”

Minister of Excellence Al-Kaabi added: “With the conclusion of these agreements, we have everything to start the largest LNG shipbuilding program in history. We have secured approximately 60% of global LNG shipbuilding capacity by 2027 to meet the needs of our LNG carrier fleet over the next 7-8 years, which could reach over 100 new vessels with a program value in excess of $70 billion of Qatari Rials. ”

His Minister of Excellence Al-Kaabi highlighted Korea's position as a strategic and strategic energy partner with the State of Qatar and thanked Minister of Excellence Sung Yun-mo and Korean companies for their role in supporting strong trade relations between Qatar and Korea and hoped that this milestone will take the relationship with Korean business partners to greater and broader horizons.

His Excellency Minister Al-Kaabi said: “The new LNG vessels will be equipped with the latest generation low speed twin engines using LNG as fuel. This will ensure the most efficient performance and compliance with the latest global emissions and environmental regulations. We will continue to work on reducing emissions from our fleet to protect the regional and global environment, in line with the Qatar National Vision 2030 environmental goals.”

“I would like to take this opportunity to thank the DSME, HHI and SHI teams for all their hard work to bring these agreements to fruition during these difficult times. I would also like to express my great gratitude to His Excellency, Mr. Sung, for your leadership and strong support of this effort, in line with our mutual desire to develop the already excellent relations between Korea and Qatar, especially in the world's unusual circumstances. is currently facing. I am also very grateful to Sheikh Khalid Bin Khalifa Al Thani, CEO of Qatargas, and the teams at Qatar Petroleum and Qatargas, whose dedicated efforts were instrumental in bringing this agreement to fruition,” concluded His Excellency Minister Al-Kaabi.

Minister of Excellence Sung Yun-mo thanked Minister of Excellence Al-Kaabi for inviting him to participate in this important event.

Welcoming the signing ceremony, His Excellency Minister Sung Yun-mo said, “Despite the recent difficulties faced by the international community, today's signing was made possible by the longstanding mutual trust between Korea and Qatar, as well as the excellent management of scratchs. ability of His Excellency Minister Al-Kaabi. ”

His Minister of Excellence Sung Yun-mo also expressed his commitment to enhance economic cooperation with Qatar, adding: “I will spare no effort to further strengthen our bilateral cooperation in energy and shipbuilding, as well as diversify our cooperation in various fields. , including ICT, healthcare, facility construction and more. “

Also speaking at the virtual signing ceremony, Mr. Sung Geun Lee, President and CEO of Daewoo Shipbuilding & Marine Engineering, said: “I would like to express our sincere thanks to Qatar Petroleum for choosing DSME as a partner for this historic Mega LNG.” world's LNG exporter through this major project. As the world's first-class shipbuilding and marine experts, DSME is pleased to contribute to this project with our cutting-edge LNG technologies, along with our green and smart vessel expertise . In the same way as a decade ago for the previous Qatari project, we will soon invite you to witness our production in person at our state-of-the-art Okpo shipyard.”

For his part, Mr. Sam H. Ka, President and Board Member of Hyundai Heavy Industries, said: “We are very proud and excited to be working with Qatar Petroleum on this unprecedented and largest LNG project in the world. We firmly believe that this project will enhance Qatar's global reputation as the world's leading LNG supplier and effectively contribute to the global market's growing demand for the cleaner energy of the future. To that end, we will join forces with Qatar Petroleum and Qatargas with the highest standards of excellence to successfully build and deliver more efficient and greener vessels than ever before. ”

Joon Ou Nam, President and CEO of Samsung Heavy Industries, said: “I am deeply grateful for the signing of this agreement between Qatar Petroleum and Samsung Heavy Industries. SHI promises to deliver the best quality LNG carriers with on-time delivery. In particular, we will build the best LNG carriers for Qatar Petroleum in terms of efficiency, reliability and SMS, through technology and manpower developed in our company. I hope today's event will provide momentum to further strengthen our cooperative economic relationship between Qatar and Korea. ”

Qatar Petroleum's LNG carrier fleet program is the largest of its kind in the history of the LNG industry and will play a key role in meeting the shipping requirements of Qatar Petroleum's local and international LNG projects, as well as replacing part of the fleet of existing LNG in Qatar.

Source: Qatar Petroleum