20200602_Qatar Petroleum signs the largest LNG shipbuilding agreements

Minister of Trade, Industry and Energy Sung Yun-mo (right) on June 1 poses with Hyundai Heavy Industries President Ka Sam-hyun in holding an agreement at the signing ceremony for a memorandum of understanding on a construction capacity reservation deal for LNG vessels at Lotte Hotel in Seoul. Qatari Minister of State for Energy Affairs Saad Sherida Al Kaabi, Qatargas CEO Khalid bin Khalifa Al Thani, and Daewoo Shipbuilding & Marine Engineering CEO Lee Sung-geun also attended the event. (Ministry of Trade, Industry and Energy)

By Xu Aiying and Lee Jihae

Three Korean shipbuilders have obtained an order from Qatar to build 100 liquefied natural gas (LNG) vessels.

The state-owned company Qatar Petroleum on June 1 announced that it inked a deal worth QAR 70 billion (KRW 23 trillion) for LNG ship construction with Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering.

The signing ceremony was held via videoconferencing and attended by Minister of Trade, Industry and Energy Sung Yun-mo, Qatari Minister of State for Energy Affairs Saad Sherida Al Kaabi, Qatargas CEO Khalid bin Khalifa Al Thani, Hyundai Heavy President Ka Sam-hyun, Samsung Heavy CEO Nam Joon-ou and Daewoo CEO Lee Sung-geun.
Minister Al Kaabi said the “monumental” deal will secure Qatar 60% of the global capacity for LNG vessel construction until 2027, calling Korea an important strategic partner in energy.
He added that he hopes this agreement, which marks a milestone in bilateral relations, will make greater and widen the prospects for economic cooperation between the two countries.

Producing 77 million tons of LNG a year, Qatar is expanding its LNG fleet to boost annual output to 126 million tons by 2027.

[email protected]