Qatar Petroleum became part of 3 arrangements to get LNG ship building and construction capability in the Republic of Korea to be used for Qatar Petroleum’s future LNG service provider fleet needs, consisting of those for the continuous growth tasks in the North Field as well as in the United States.
Under the arrangements, the “Big 3” Korean shipyards– Daewoo Shipbuilding & & Marine Engineering (DSME),Hyundai Heavy Industries (HHI )as well as Samsung Heavy Industries( SHI)– will certainly book a significant part of their LNG ship building and construction capability for Qatar Petroleum with the year 2027.
The arrangements were authorized byHis Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President as well as Chief Executive Officer of Qatar Petroleum in an online finalizing event participated in byHis Excellency Mr Sung Yun- mo, the Minister of Trade, Industry & & Energy of the Republic ofKorea Also participating in wereSheikh Khalid Bin Khalifa Al Thani, Chief Executive Officer of Qatargas, the Chief Executive Officers of theKorean shipyards, elderly agents from Korea’s Ministry of Trade, Industry & &Energy, in addition to execs from Qatar Petroleum, Qatargas, as well as the 3 Korean shipyards.
Representation Image– Credits: qp.com.qa
On the Korean side, the contract with DSME was authorized byMr Sung Geun Lee, the President as well as Chief Executive Officer of DSME, the contract with HHI was authorized byMr Sam H. Ka, the President as well as Board participant of HHI, as well as the contract with SHI was authorized byMr Joon Ou Nam, the President as well as Chief Executive Officer of SHI.
Speaking at the finalizing event, His Excellency Minister Al-Kaabi claimed, “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. As I have previously stated, we are moving full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 126 million tons per annum by 2027 to ensure the 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 LNG production capacity and long-term fleet replacement requirements.”
His Excellency Minister Al-Kaabi included, “With the conclusion of these milestones agreements, we have everything in place to commence the largest LNG shipbuilding program in history. We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next 7-8 years, which could reach 100+ new vessels with a program value in excess of 70 billion Qatari Riyals.”
His Excellency Minister Al-Kaabi highlighted Korea’s setting as a crucial as well as tactical power companion with the State of Qatar, as well as given thanks to His Excellency Minister Sung Yun- mo as well as the Korean firms for their duty in sustaining the solid Qatar-Korean company connections as well as really hoped that this landmark will certainly take the connection with Korean company companions to better as well as larger perspectives.
His Excellency Minister Al-Kaabi claimed, “The new LNG vessels will be equipped with the latest generation slow speed dual fuel engines, utilizing LNG as a fuel. This will ensure the most efficient performance and compliance with the latest global emission and environmental regulations. We will continue working on reducing emissions from our fleet to protect the regional and global environment in line with the environmental objectives of the Qatar National Vision 2030.”
“I would like to take this opportunity to thank the DSME, HHI and SHI teams for all the hard work to bring these agreements to fruition during these challenging times. I would also like to express my great appreciation to Your Excellency Mr. Sung, for your leadership and great support to this effort in line with our mutual desire to build upon the already excellent relations between Korea and Qatar, especially during the unusual circumstances the world is currently facing. I am also very grateful to Sheikh Khalid Bin Khalifa Al Thani, the CEO of Qatargas, and to the Qatar Petroleum and Qatargas teams, whose dedicated efforts were instrumental in realizing this agreement,” His Excellency Minister Al-Kaabi ended.
His Excellency Minister Sung Yun- mo shared gratefulness to His Excellency Minister Al-Kaabi for welcoming him to participate in this essential occasion.
Delivering his congratulations on the finalizing event, His Excellency Minister Sung Yun- mo claimed, “Despite the recent difficulties facing the international community, today’s signing was made possible by the long-standing mutual trust between Korea and Qatar as well as the outstanding risk management capability of His Excellency Minister Al-Kaabi.”
His Excellency Minister Sung Yun- mo likewise shared his dedication to boost financial participation with Qatar by including, “I will certainly not save any type of initiative to more reinforce our reciprocal participation in power as well as shipbuilding, in addition to expand our participation throughout different areas consisting of ICT, medical care, plant building and construction as well as even more.”
Also talking at the online finalizing event,Mr Sung Geun Lee, the President as well as Chief Executive Officer of Daewoo Shipbuilding & & Marine Engineering, claimed, “I would like to express our sincere appreciation to Qatar Petroleum for choosing DSME as a partner for this historic Mega LNG project in Qatar. I have no doubt that Qatar will reinforce its position as the world’s leading LNG exporter through this great project. As the world’s first-class shipbuilding and maritime specialists, DSME is delighted to contribute to this project with our cutting-edge LNG technologies together with our eco-friendly and smart ship expertise. In the same manner as a decade ago for the previous Qatar project, we will soon invite you to witness our production in person at our advanced Okpo shipyard.”
On his component,Mr Sam H. Ka, the President as well as Board participant of Hyundai Heavy Industries, claimed,“We are very proud and excited to work with Qatar Petroleum for this unprecedented, and the world’s largest, LNG project. It is our firm belief that this project will enhance Qatar’s global reputation as the World’s Premier LNG Supplier and effectively contribute to the increasing global market demand for cleaner energy of the future. To this end, we will join forces with Qatar Petroleum and Qatargas with the highest standards of excellence for the successful construction and delivery of vessels that are more efficient and eco-friendly than ever.”
Mr Joon Ou Nam, the President as well as Chief Executive Officer of Samsung Heavy Industries, claimed, “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. Particularly, we will build the best LNG carriers for Qatar Petroleum in terms of efficiency, reliability and HSE through the technology and workmanship developed within our company. I hope that today’s event will provide momentum to further strengthen our cooperative economic relationship between Qatar and Korea.”
Qatar Petroleum’s LNG service provider fleet program is the biggest of its kind in the background of the LNG market as well as will certainly play an essential duty in satisfying the delivery needs of Qatar Petroleum’s neighborhood as well as worldwide LNG tasks, in addition to changing component of Qatar’s existing LNG fleet.
Reference: qp.com.qa
