QatarEnergy has named a new liquefied natural gas (LNG) carrier after Rex Tillerson, the former ExxonMobil CEO and U.S. Secretary of State. This tribute highlights Tillerson’s significant contributions to the development of Qatar’s LNG sector and his broader impact on the energy industry.
The newly named LNG carrier is part of a fleet of 12 vessels ordered by QatarEnergy from a Chinese shipbuilder. This acquisition is a strategic move to enhance transport capacity in line with Qatar’s ambitious expansion plans. The Gulf nation, which was recently surpassed by the United States as the world’s top LNG exporter, aims to increase its export capacity by 85% by 2030. This expansion will raise its production from 77 million tons per year to as much as 142 million tons annually.
Despite the U.S. halting new LNG export project approvals earlier this year, which has introduced uncertainty about future American LNG supplies, Qatar is pressing forward with its expansion initiatives. The country is also securing new vessel charter agreements, potentially regaining its position as the leading LNG exporter later this decade.
Earlier this year, QatarEnergy secured long-term time charter party (TCP) agreements with four international shipowners for the operation of 19 new conventional-size LNG vessels. This move aligns with the projected 50% increase in global LNG demand by 2040, as forecasted by Shell. While U.S. developers face delays due to the approval pause, QatarEnergy is committed to securing long-term supply contracts, having signed multiple agreements this year.
Giles Farrer, head of gas and LNG asset research at Wood Mackenzie, commented in April, “While we expect existing LNG buyers to wait in the short term, these and other potential new buyers could start to look at competing projects outside of the US, such as those in Canada, Australia, and particularly Qatar, as alternative supply sources.”
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