Qatar Energy’s big purchase
Qatar Energy, the world’s largest LNG exporter, has announced the purchase of four vessels from Daewoo Shipbuilding & Marine Engineering and two from Samsung Heavy Industries. They are the first orders under a $19 billion agreement announced last year between Qatar and Korean shipbuilders.
Qatar has chosen Daewoo, Hyundai Heavy Industries Co., and Samsung to build more than 100 LNG vessels by 2027. By then, the Persian Gulf state will have spent roughly $30 billion to raise LNG output by 50%.
In October, Qatar placed an order with China for four LNG tankers for more than $760 million in order to expand its fleet. LNG is considered a viable alternative to more polluting fuels like oil and coal, and prices have risen dramatically in Europe and Japan in recent months.
Qatar Energy’s worldwide LNG demand predictions are more optimistic than some analysts’. Demand is expected to expand through 2050, justifying the company’s expenditure. Global gas demand is expected to peak in the mid-2020s, according to the International Energy Agency, as consumers migrate away from fossil fuels.
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