QatarEnergy Signs Time Charter Agreements with Three International Companies for Operation of 9 QC-Max size LNG Vessels

QatarEnergy signed long-term time charter party (TCP) agreements with three ship owners for the operation of nine new, ultra-modern LNG vessels as part of the QC-Max part of its historic LNG fleet expansion program. The long-term TCP agreements cater for the operation of the vessels by affiliates of China Merchants Group, Shandong Marine Group, and China LNG Shipping (Holdings) Limited. All nine vessels will have a capacity of 271,000 cubic meters each. HE Minister of State for Energy Affairs, President and CEO of QatarEnergy Saad bin Sherida Al Kaabi signed three separate sets of agreements with Wang Yongxin, President of CMES, for the operation of four vessels; Li Maozhong, Chairman of Shandong Marine Energy for the operation of three vessels; and Cong Jian, General Manager of CLNG, for the operation of two vessels. The agreements were signed today in a special ceremony held in Beijing, and attended by senior executives from QatarEnergy, QatarEnergy LNG, and the three shipowner companies. The signing cer emony was attended by HE Ambassador of the State of Qatar to the People's Republic of China Mohamed bin Abdullah Al Dehaimi. Commenting on this occasion, HE the Minister said: "These nine vessels are part of QatarEnergys historic program to support our expanded LNG production capacity from the North Field, which will reach 142 million tons per annum by 2030, and which will also help meet our long-term fleet replacement requirements." HE Al Kaabi added: "Our partnerships with Chinas shipbuilding industry and the esteemed shipowners, will ensure the long-term operation, deployment, and management of these vessels in a manner that maximizes their potential over decades to come. As we build this partnership, I am reminded of the trust and collaboration that characterizes our relationship, which I believe will continue to grow and flourish as we place more building blocks along the way." HE Al Kaabi expressed confidence in the shipowners unique capabilities, which will ensure the operation of these vessels to the highest and most advanced safety, technical and environmental standards. The nine vessels are part of 18 QC-Max LNG carriers that will be built in Hudong-Zhonghua shipyards in China. Source: Qatar News Agency