MOL and QatarEnergy Sign Long-term Charter Deal for Four Newbuilding LNG Carriers
April 14, 2022
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that on April 10, through a subsidiary (Note 1), it signed a long-term charter contract for four newbuilding LNG carriers with QatarEnergy (State energy company of Qatar, formerly known as Qatar Petroleum). The vessels will be built at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China, and are slated for delivery from 2024 through 2025.
MOL's solid track record in building LNG carriers in China in addition to its performance in the LNG carrier business and safety in navigation and cargo handling earned high regard from QatarEnergy, leading to the successful conclusion of the contract. Since the Qatargas1 Project launched in mid-1990, MOL and QatarEnergy have strengthened relationship and increased the LNG fleet chartered from MOL affiliates to QatarEnergy subsidiaries, which will be further expanded by 4 LNG Carriers by this contract.
QatarEnergy has been developing the North Field Expansion Project to expand its gas production to 126 million tons per annum by 2027. MOL, through its participation in LNG projects in Qatar, will ensure stable global LNG supply and enhance the maritime transport of the next-generation, environment-friendly energy resources.
Addressing environmental issues in line with the "MOL Group Environmental Vision 2.1 " (Note 2), the group implements comprehensive, ongoing efforts to achieve sustainable net zero GHG emission and contribute to the realization of a low- and decarbonized society.
(Note 1) MOL wholly owned subsidiary.
MOL and its partner in China are discussing the share acquisition of the subsidiary by the Chinese partner.
(Note 2) MOL Group Environmental Vision 2.1