State-run Qatar Petroleum signed the largest LNG shipbuilding contracts in history as part of three agreements to secure its LNG carrier fleet requirements from Korea’s LNG capacity with $19 billion (70 billion Qatari Riyals), according to a press release.

Under the agreements, the three major Korean shipyards: Daewoo Shipbuilding & Marine Engineering (DSME); Hyundai Heavy Industries (HHI); and Samsung Heavy Industries (SHI), will reserve a major portion of their LNG ship construction capacity for QP through the year 2027.

The agreements were signed by Saad Sherida Al-Kaabi; the Minister of State for Energy Affairs, and the President and CEO of QP, in a virtual signing ceremony attended by Sung Yun-mo; the Minister of Trade, Industry & Energy of the Republic of Korea. 

“We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next 7-8 years, which could reach 100+ new vessels with a program value in excess of 70 billion Qatari Riyals,” said Al-Kaabi.