SUBMIT PICTURE: A male looks as the globe’s largest Liquefied Natural Gas (LNG) vessel DUHAIL as she goes across via the Suez Canal April 1, 2008. REUTERS/Stringer/File Photo

State- possessed Qatar Petroleum has actually participated in shipbuilding arrangements with South Korea’s “Big 3” shipyards for the building and construction of as much as 100 LNG service providers valued at greater than US$ 19 billion.

The bargain is beleived to be the biggest LNG shipbuilding program in background.

Under the contract, Daewoo Shipbuilding & & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) as well as Samsung Heavy Industries (SHI) will certainly book a bulk part of their LNG shipbuilding capability for Qatar Petroleum via 2027.

The contract covers the building and construction of as much as 100 ships. At that degree, the program trademarks around 60% of the worldwide LNG shipbuilding capability via 2027, according to Qatar Petroleum.

The ships will certainly sustain Qatar Petroleum’s huge development tasks in the North Field, situated off Qatar’s northeast coastline, as well as in the United States.

“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,” claimed His Excellency Minister Saad Sherida Al-Kaabi, Qatar’s Minister of State forEnergy Affair “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.”

“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,” included His Excellency Minister Al-Kaabi