Qatar plans to build 60 new LNG carriers in Korea

Qatar Emir Sheikh Tamim Bin Hamad Al-Thani (left) with Korean President Moon Jae-in Qatar Emir Sheikh Tamim Bin Hamad Al-Thani (left) with Korean President Moon Jae-in

Qatar has revealed plans to order 60 new LNG carriers from South Korean shipyards, according to a Reuters report citing a statement issued by the Korean presidential office.

Qatar’s energy minister Saad Sherida Al-Kaabi, who is also deputy chairman of Qatar Petroleum, outlined the plan during a bilateral summit, saying he expects to cooperate with experienced Korean shipbuilders on building the new LNG carriers.

Financial details of the plan were not disclosed.

Most LNG carriers owned by Qatar were built by Korea’s top three shipbuilders – Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME).

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A Qatari delegation had recently visited Korea to study the possibility of adding 60 new LNG carriers to Qatar’s existing fleet of 50, according to the statement from the presidency of Korea.

“Korea and Qatar are both situated on a peninsula and thus the shipping industry is very important. The two countries’ common shipping and harbor foundation can lead to mutual development. The shipping industry is recently undergoing a transition to eco-friendlier vessels due to maritime and air pollution. This transition to liquefied natural gas-powered vessels will help expand demand for LNG,” said Korean President Moon Jae-in.

Posted 30 January 2019

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Lee Hong Liang

Asia Correspondent

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