Samsung Heavy Industries Plans To Build Large-Scale LNGC In Qatar

It was announced on the 2nd that Samsung Heavy Industries signed a deal of agreement with Qatar Petroleum (QP) to guarantee the right to order large-scale LNG carriers. Nam Jun-woo, president of Samsung Heavy Industries and QP CEO Saad Sherida Al-Kabbi and Minister of Energy, Qatar, held a video link between Seoul and Qatar to celebrate the signing of the agreement.

According to the confidentiality agreement, the slot contract size has not been disclosed, but the construction contract is expected to be executed sequentially from this year to ’24.

With the signing of this agreement, Samsung Heavy Industries has taken a step closer to winning orders for large-scale LNG carriers to be used in gas fields in North Field Expansion (NFE) and Golden Pass, which QP is currently developing.

samsung heavy industries/SHI
Image for Representation purpose only; Credits: wikimedia.org

The Northfield Project is the world’s largest LNG production project, and will produce 126 million tons of natural gas annually from ’27, and QP said that in addition to the U.S. Golden Pass, the order size for other LNG projects and replacement of old vessels could increase significantly. It has been said that the order momentum is very strong.

An official from Samsung Heavy Industries said, “Samsung has successfully built a total of 25 LNG carriers (Q6 billion) since Qatar since ’03, and has built and accumulated over 150 LNG carriers. It is said to have received a high score on the ability to comply with the deadlines.” The official also stressed that the QP LNG project will have a positive impact on the ordering plans of other shipping companies considering building large-scale LNG carriers.

Meanwhile, Samsung Heavy Industries expects orders for 10 LNG carriers from the Arctic LNG 2 project in Russia and 5 Mozambique LNG projects to be released this year.

Reference: samsungshi.com

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