RasGas signs deal for 3 LNG vessels

Ras Laffan Liquefied Natural Gas Company Limited (II), (RasGas) has signed a time charter agreements with Teekay Nakilat Corporation for the long-term charter of three 151,700m3 LNG vessels to be built at Daewoo Shipbuilding, Korea.

Under the terms of the agreements, RasGas will charter these vessels for a firm period of 20 years to deliver LNG from RasGas existing and future facilities at Ras Laffan Industrial City to its growing portfolio of customers, in particular, RasGas buyers in the European market

Qatar Gas Transport Company Ltd and Teekay Shipping Corporation also signed a “Letter of Intent” that allows, under the terms of these charter agreements, the newly formed Qatari Company to assume up to 30% equity ownership in each of the new LNG vessels.

The newbuildings will be delivered to RasGas between December 2006 and April 2007 and operated by Teekay. This deal completes the acquisition process for three of the eight new LNG tankers that RasGas executed this July and the formalisation of the contracts for the remaining five ships, also executed in July with two other ship owning consortiums, will be held in the near future.