Qatar splashes out on gas ships

Industry reports claim that Qatar will spend $15 billion in the next five years to add 70 LNG carriers to its fleet of gas tankers. Qatar, home to the world?s third-largest gas reserves after Russia and Iran, aims to export 77 million tonnes of the super-cooled and compressed gas by 2012.

The country plans to build about 70 new LNG ships between now and 2010 at a cost of about $15 billion. The shipbuilders involved in this massive order will almost certainly include Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries. Of the 70 new ships, Qatar would issue tenders for 12 tankers this year at a cost of some $200-$220 million each and, assuming that they can compete on price and delivery, will keep the big three Korean shipyards busy. These yards have already won orders to build a combined eight new LNG tankers from Qatar due for delivery by 2007 and, by 2010, Qatar hope to operate almost 90 ships including existing ones.

Qatar is moving closer to its target of becoming the top LNG exporter by the end of the decade following a string of supply deals this year worth more than $10 billion. India?s Petronet LNG has an agreement with Qatar?s Ras Laffan Liquefied Natural Gas (Rasgas) to import 7.5 million tonnes per year and is seeking more supplies while Qatar is looking into possible investment in LNG import terminals in the USA with Exxon Mobil and ConocoPhillips.