QatarEnergy, HHI Sign $3.9B Deal for 17 LNG Vessels

The state-owned company QatarEnergy announced September 27 that it had signed an agreement with HD Hyundai Heavy Industries (HHI) to construct 17 liquified natural gas (LNG) carriers. The total cost of the shipbuilding contract is expected to be $3.9 billion.

According to Offshore Energy, this order marks the second phase of QatarEnergy’s ship acquisition program, which supports the expansion of its Golden Pass LNG export and North Field LNG projects.

“This is another milestone in our long-term relationship with HD Hyundai Heavy Industries and the Korean shipbuilding industry in general, which is built on the strong and strategic partnership between the State of Qatar and the Republic of Korea,” said Saad Sherida Al-Kaabi, the president & CEO of QatarEnergy. “These 17 LNG carriers will be built by HD Hyundai Heavy Industries to the highest technical and environmental standards and specifications. Further, the vessels are designed to achieve optimal fuel efficiency and a significant reduction in carbon emissions. This emphasizes our continued commitment as a leader in sustainability, innovation and growth within the LNG industry.”

QatarEnergy ordered a total of 60 ships during the first phase of its expansion. With this recent announcement, the total number of LNG vessels expected to be delivered to QatarEnergy stands at 77 with more orders to come, the company said.