(MENAFN) China Central Television (CCTV) reported on Monday that the state-owned China Shipbuilding Corporation and Qatar Energy Company have entered into an agreement to collaborate on the construction of 18 very large ships designed for the transportation of liquefied natural gas (LNG). The agreement, signed during a ceremony on Monday, marks a significant partnership between the two entities in the maritime sector. Each of the vessels is expected to have a capacity of 271 thousand cubic meters, reflecting the growing demand for LNG transportation amid global energy markets.
This collaboration comes in the wake of Qatar Energy's strategic decision to enhance its shipping fleet by approximately 19 LNG carriers. In March, Qatar Energy announced the termination of several charter contracts with Asian shipowners as part of its efforts to bolster its shipping capabilities ahead of a planned significant expansion in LNG production. The expansion initiative, spearheaded by the North Field project, aims to elevate Qatar's liquefaction capacity from 77 million tons annually to 142 million tons annually by 2030, representing an 85 percent increase in production. As the largest exporter of liquefied natural gas globally, Qatar Energy's ambitious expansion plans underscore its commitment to meeting the growing demand for LNG across international markets.
The partnership between China Shipbuilding Corporation and Qatar Energy reflects a shared commitment to innovation and excellence in the maritime industry. By leveraging their respective expertise and resources, the two entities aim to contribute to the efficient and reliable transportation of LNG, thereby supporting the global energy transition towards cleaner and more sustainable fuel sources. As construction commences on the 18 LNG carriers, stakeholders will closely monitor the progress of this collaborative endeavor, which holds the potential to shape the future of LNG transportation and facilitate the continued growth of the liquefied natural gas sector.
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