Qatar Gas Transport Company (Nakilat) Partners with KEXIM to Finance LNG Carrier Fleet Expansion

Qatar Gas Transport Company (Nakilat), a key player in Qatar’s shipping and maritime industry, has teamed up with the Export-Import Bank of Korea (KEXIM) to establish the first financing package for 25 conventional liquefied natural gas (LNG) carriers currently under construction in Korea.

The collaboration between Nakilat and KEXIM marks a significant milestone in the company’s strategic growth and international cooperation efforts. The memorandum of understanding (MoU) signed between the two parties paved the way for the financing package for the Korean-built LNG vessels that will be owned and operated by Nakilat.

Abdullah Al-Sulaiti, Chief Executive Officer of Nakilat, expressed his satisfaction with the partnership, stating, “Through this partnership, Nakilat has secured vital financial resources for the fleet expansion, reflecting a strong belief in our financial stability and operational capabilities.”

He further added, “This collaboration underscores Nakilat’s commitment to leveraging international partnerships to enhance its global market position and support Qatar’s leadership in the LNG industry.”

Nakilat views this partnership as a crucial step in its long-term strategy to grow its LNG carrier fleet and support QatarEnergy’s LNG shipbuilding program and expansion initiatives.

The agreement between Nakilat and KEXIM strengthens the economic ties between Qatar and South Korea, allowing Nakilat to secure financing for the construction of new vessels at Korean shipyards. KEXIM’s participation as a government-backed financial institution provides financial assurance and contributes to securing necessary funding amid global market volatility and geopolitical risks.

KEXIM’s involvement also encourages broader participation from other financial institutions in future debt tranches, reinforcing Nakilat’s financial foundation. The initial financing package from KEXIM for Nakilat’s LNG fleet expansion project positions it as a government-backed export finance initiative, enhancing its credibility and attractiveness to investors.

Recently, Nakilat held a steel-cutting ceremony for 17 LNG carriers at Hyundai Heavy Industries (HHI) shipyard in South Korea, as part of QatarEnergy’s LNG fleet expansion program, which includes 128 vessels, including 24 QC-Max size LNG vessels.

In addition, QatarEnergy’s North Field expansion projects, including North Field East (NFE), North Field South (NFS), and North Field West (NFW), aim to increase LNG production capacity by almost 85% by 2030, further solidifying Qatar’s position in the global LNG market.