A wholly-owned subsidiary of Qatar Gas Transport Company will enter the first fifteen of its wholly owned LNG vessels with the two largest P&I clubs in the world – Assuranceforeningen Gard and the UK P&I Club.
The announcement marks the conclusion of a detailed selection process culminating in a closed bid. QGTC is a Qatari listed company formed to co-ordinate the LNG transportation requirements of the State of Qatar. Qatar’s intended program is to become the world’s largest LNG producer. Nakilat currently has an extensive new building program with three Korean yards to build 25 wholly owned LNG carriers scheduled for delivery between 2008 and 2010. These include the Q-Flex and the even larger Q-Max, a new generation of LNG mega-ships. The Q-Max has 80 percent more capacity than conventional LNG carriers with about 40 percent lower energy requirement due to the economies of scale created by their size and the efficiency of the engines. The Q-Max LNG carriers are unique and purpose built for Nakilat the sole owner of the vessels. In addition to the wholly-owned ships being acquired by Nakilat, QGTC has an ownership stake (43% on average) in 29 other LNG vessels. Of the remaining ten new ships due for delivery to Nakilat, the P&I insurer for those ships will be decided at a later date.
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