Malaysia's MISC signs LNGC charter deal with QatarEnergy

Malaysian shipping firm MISC's subsidiaries - Polaris LNG 5, Polaris LNG 6, and Polaris LNG 7 - have signed time charter deal with QatarEnergy for the lease of three newbuild LNG carriers (LNGC) to be constructed by Samsung Heavy Industries, MISC said on April 1.

The agreement entails the vessels being chartered by QatarEnergy for a guaranteed term of 15 years starting from 2026 onwards. MISC did not provide the financial details of the deal. 

Qatar, the world's largest LNG exporter, is expanding its LNG production capacity. It held a groundbreaking ceremony on October 3 last year for the North Field expansion project, which will raise the country's LNG production capacity from 77mn tonnes/year to 126mn tonnes/year by 2026.

In December last year, QatarEnergy announced the successful integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG.

In February this year, QatarEnergy unveiled the North Field West LNG expansion project, which aims to elevate Qatar's LNG production capacity to 142mn tonnes/year before the end of the decade, marking an 85% increase from current production levels.

Last week, QatarEnergy signed time-charter agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG carriers.