Qatar Gas Transport Company (Nakilat) has taken a significant step forward in expanding its LNG fleet by securing its first financing package for 25 liquefied natural gas (LNG) vessels being built in South Korea. The agreement was sealed in partnership with the Export-Import Bank of Korea (KEXIM), marking a major milestone in QatarEnergy’s ambitious LNG shipbuilding program.
This deal follows a memorandum of understanding (MoU) between Nakilat and KEXIM, underscoring the strong economic ties between Qatar and Korea, and solidifying Nakilat’s strategic role in supporting Qatar’s position as a global LNG leader.
Nakilat CEO Abdullah Al-Sulaiti remarked, “This partnership reflects our financial stability and strengthens our global market presence through trusted international collaboration.”
The financing supports the construction of 25 conventional LNG carriers in Korean shipyards. These ships will be fully owned and operated by Nakilat, reinforcing its long-term fleet expansion strategy. With backing from KEXIM, a government-backed institution known for its rigorous financial and technical assessments, this initiative is also expected to attract broader investor interest.
The move also marks a full-circle moment, as KEXIM financed Nakilat’s first LNG fleet in 2006.
This development complements QatarEnergy’s broader LNG fleet expansion of 128 vessels and ties into massive upstream projects like North Field East, North Field South, and the newly added North Field West. With plans to boost production capacity by 85% by 2030, the Gulf state continues to cement its dominance in the global energy market.