QatarEnergy Inks Deals for 9 QC-Max LNG Vessels

As part of its historic expansion program for the LNG fleet, QatarEnergy has entered into long-term time charter party (TCP) agreements with three ship owners to operate nine new, state-of-the-art LNG vessels under the QC-Max initiative.

The long-term TCP agreements entail the vessels' operation by affiliates of China Merchants Group, Shandong Marine Group, and China LNG Shipping (Holdings) Limited. Each of the nine vessels will boast a capacity of 271,000 cubic meters.

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, signed three distinct sets of agreements with the following individuals:

- Mr. Wang Yongxin, President of CMES, for the operation of four vessels.

- Mr. Li Maozhong, Chairman of Shandong Marine Energy, for the operation of three vessels.

- Mr. Cong Jian, General Manager of CLNG, for the operation of two vessels.

The signing of the agreements took place on 29 April 2024 during a special ceremony held in Beijing, graced by senior executives from QatarEnergy, QatarEnergy LNG, and the three shipowner companies. The event was also attended by Mr. Mohamed Abdullah Al-Dehaimi, Qatar's Ambassador to the People's Republic of China.

Reflecting on the event, H.E. Minister Al-Kaabi stated, "These nine vessels are integral to QatarEnergy's landmark initiative aimed at bolstering our increased LNG production capacity from the North Field, projected to reach 142 million tons per annum by 2030. Additionally, they will contribute to meeting our long-term fleet replacement needs."

H.E. Minister Al-Kaabi further remarked, "Our collaborations with China's shipbuilding industry and esteemed shipowners will guarantee the vessels' long-term operation, deployment, and management, optimizing their potential for decades to come. As we nurture this partnership, I am reminded of the trust and collaboration that defines our relationship, which I am confident will flourish as we progress together."

H.E. Al-Kaabi conveyed trust in the shipowners' exceptional expertise, which will guarantee the operation of these vessels in adherence to the most stringent safety, technical, and environmental standards. The nine vessels constitute a portion of the 18 QC-Max LNG carriers scheduled for construction at Hudong-Zhonghua shipyards in China.

QatarEnergy, formerly known as Qatar Petroleum (QP), is the government-owned petroleum corporation of Qatar. The company oversees all oil and gas operations within Qatar, encompassing exploration, production, refining, transportation, and storage. QatarEnergy manages the nation's oil pipeline infrastructure, facilitating the transfer of resources from oil fields to the sole refinery and export terminals. Moreover, it operates an extensive offshore pipeline network, facilitating the transportation of crude oil from offshore fields to Halul Island, where it undergoes processing for export. Refining activities are conducted at two primary facilities: the QatarEnergy Refinery in Umm Said and the Laffan Refinery in Ras Laffan.