Home / Natural gas a booming industry in Qatar

Natural gas a booming industry in Qatar

Qatar looks set to invest over US $14 billion in tankers for the gas industry.

Qatargas has announced that the country will invest US $14 billion in tankers, which will ferry LNG to customers across the world in the next five to seven years.

“Up to 86 vessels, including around 16 super tankers will be required to ferry liquefied natural gas when Qatar boosts its LNG production capacity to 77 million tonnes annually by 2012,” said Faisal al-Suwaidi, vice chairman, Qatargas.

Around 60% of the LNG tankers will be procured by Qatar and owned by Qatar Gas Transport Company. The tankers, which will cost about $75 million each, will be built at three yards in South Korea.

The 16 super tankers that are to be built are expected to deliver gas from the Qatargas-II project. The $12 billion project is also the largest investment ever made in a hydrocarbon project worldwide, and will comprise two huge LNG trains with an annual capacity of 7.8 million tonnes each. They are slated for a 2007 or early 2008 start up.

“We will also operate liquefied petroleum gas tankers, sulphur and condensate tankers and petrochemical carriers,” added al-Suwaidi.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.