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Qatar will raise $4.3Bln for LNG carriers

Wednesday, 29 November 2006

The 16 vessels are being constructed in South Korean shipyards and are scheduled for delivery to Nakilat from 2008 to 2009.

The 16 LNG vessels will be 100 percent owned by Nakilat and its 16 ship-owning subsidiaries, the company said in a statement to the stock exchange of Qatar, the Doha Securities Market.

Two months ago Nakilat said it had placed an order for the LNG carriers with South Korea’s Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries.

By 2011, Qatar’s LNG ventures are expected to overtake oil revenues to account for about 25 percent of the gross domestic product.

Doha Securities Market