Qatarenergy celebrates steel cutting of 1st Korean LNGC

State-owned QatarEnergy recently marked a significant milestone with the steel-cutting ceremony for the first of its new generation of chartered LNG vessels, the company said on June 3. The event took place at a Korean shipyard located on Geoje Island. This collaborative ceremony involved QatarEnergy, Samsung Heavy Industries, and JP Morgan Asset Management.

The steel-cutting ceremony signifies the commencement of construction for QatarEnergy's LNG fleet expansion project. The event follows a similar successful initiative in October 2022 at Hudong-Zhonghua, a Chinese shipyard.

This steel-cutting ceremony in South Korea builds upon QatarEnergy's strategic decisions made in 2020. The company had entered ship slot reservation agreements with three Korean shipyards: Samsung Heavy Industries, Hyundai Heavy Industries, and Daewoo Shipbuilding and Marine Engineering.

In 2022, QatarEnergy further solidified its plans by signing multiple time charter parties with various shipowners, including affiliates of JP Morgan Asset Management.

Qatar is actively expanding its LNG production capacity. The North Field Expansion project, which includes the North Field South and North Field East expansion projects, is set to commence production in 2026. It will contribute more than 48mn metric tons/year to global LNG supplies and increase Qatar's LNG production capacity to 126mn metric tons/year.