Qatar Petroleum signs $19 bil shipbuilding agreements with Korean companies

DUBAI: Qatar Petroleum said on Monday it has signed agreements with South Korea’s “Big 3” shipyards to secure more than 100 ships costing more than US$19.23 billion.

Under the deal, described by QP chief executive as the largest LNG shipbuilding program in history, the three companies will reserve a major portion of their LNG ship construction capacity for Qatar Petroleum through the year 2027. QP, the state-run LNG producer in the world’s top supplier of the fuel, wants to lift output to around 126 million tonnes per annum by 2027 from today’s 77 mtpa.

“We are moving full steam ahead with the North Field expansion projects,” he said in Monday’s statement.

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