- Nakilat partners with KEXIM to secure initial financing for 25 new LNG carriers being built in South Korea.
- This deal marks a continuation of strategic ties between Qatar and Korea, with backing from a key Korean government financial institution.
- The vessels support QatarEnergy’s major LNG expansion program, aimed at boosting national LNG output by nearly 85% by 2030.
Qatar Gas Transport Company (Nakilat) has entered a significant collaboration with the Export-Import Bank of Korea (KEXIM) to launch the first financing package for 25 Korean-built conventional LNG carriers. These ships will be fully owned and operated by Nakilat and are part of a broader fleet expansion effort, according to Offshore Energy.
Strategic Growth Milestone
The partnership follows a Memorandum of Understanding (MoU) signed between Nakilat and KEXIM, which CEO Abdullah Al-Sulaiti described as a milestone in Nakilat’s global strategic expansion. He emphasized that the deal underscores confidence in Nakilat’s financial strength and operational expertise.
“This collaboration highlights Nakilat’s strong commitment to leveraging international partnerships to support Qatar’s position as a global leader in the LNG industry,” said Al-Sulaiti.
Long-term Fleet Strategy
Nakilat sees this as a crucial step in its long-term strategy to expand its LNG fleet and contribute to QatarEnergy’s historic LNG shipbuilding program, helping to maintain the nation’s leadership in the global LNG market.
Strengthening Qatar–Korea Ties
This agreement also reinforces the strong economic relationship between Qatar and South Korea, enabling Nakilat to secure key financing for vessel construction at leading Korean shipyards.
KEXIM’s Critical Role
Nakilat highlighted the vital support from KEXIM—a government-backed financial institution—whose involvement lends both credibility and assurance amid global financial and geopolitical uncertainties. Known for stringent due diligence, KEXIM’s participation is expected to attract broader financial backing in future funding rounds.
KEXIM was also involved in Nakilat’s 2006 fleet financing, which included 25 LNG vessels, indicating a long-standing and successful partnership.
Recent Milestones
Nakilat recently confirmed a steel-cutting ceremony for 17 LNG vessels at Hyundai Heavy Industries (HHI) in South Korea, marking the next phase in the shipbuilding initiative.
QatarEnergy’s LNG Expansion Program
QatarEnergy’s ambitious LNG fleet program includes 128 vessels, among them 24 QC-Max size LNG carriers. Nakilat is responsible for operating nine of these ultra-modern ships. Additionally, QatarEnergy has launched further expansions of the North Field, including the North Field West (NFW), supplementing the existing North Field East (NFE) and North Field South (NFS) projects.
By 2030, Qatar’s LNG production is set to increase by nearly 85%, underlining the critical role this fleet financing and shipbuilding initiative plays in the country’s energy ambitions.
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Source: Offshore Energy
