Gulf Daily News - 10/5/2006

In view of a number of LNG vessels needed for the planned expansion projects, Qatargas has initiated a centralised ship acquisition activity under a single integrated team to capitalize on the economies of scale.

The Qatar Ship Acquisition Team (QSAT), a Qatargas Operating Company has secured over 50 vessel slots through 2012 with Korean shipyards Daewoo Shipbuilding and Marine Engineering, Hyundai heavy Industries, and Samsung heavy Industries.

"We have already over 50 vessel slots reserved with the Korean shipyards as QSAT is responsible for acquiring ships for all the Qatari projects for both Qatargas and RasGas", Abdullah Al Sulaiti, Ship Acquisition Manager told reporters yesterday.

He said that with each of the shipyards QSAT was able to secure certain number of slots to ensure that the ships delivery would match the LNG trains start-up as there was concern over not meeting the high demand from Qatar projects worldwide.

"We were concerned that would not have sufficient ship capacity at the LNG trains start-up", he said, adding that QSAT had taken the initiative at an early stage two years ago, having anticipated high demand for ship capacity.

The centralized Qatar ship acquisition body is responsible to ensure the standards required by Qatargas, conducts the prequalification process to ensure that financially they are acceptable.

Besides, all aspects related to operation, management and safety are taken into consideration in the final qualification of the ship-owner and operators, said Al Sulaiti.