Nakilat to grow LNG tanker fleet, stake in Maran Gas in expansion plan

The Qatari transport company has $15bn in current investments
Nakilat to grow LNG tanker fleet, stake in Maran Gas in expansion plan
Qatar Gas Transport Company, Qatar LNG, Qatar oil and gas, Qatar resource, Qatar energy
By Beatrice Thomas
Sun 30 Mar 2014 12:13 PM

Qatar gas transport company Nakilat has revealed plans to bolster its fleet of LNG carriers as well as raise its stake in Greece’s Maran Gas as part of local and overseas expansion plans, it was reported.

Nakilat managing director Abdullah Fadhalah Al Sulaiti told Qatar News Agency (QNA) that Nakilat had current investments of QR54.6bn ($15bn) and it expected to grow its fleet to 58 carriers by the end of this year.

He said part of the strategy was increasing the company’s stake in Maran Gas from 10 percent to 40 percent, with four new carriers worth $900m to be delivered to the Maran Gas fleet in 2014.

Al Sulaiti said Nakilat was also holding talks with a number of European and Asian countries.

“The LNG global market is at a promising phase, something that encourages Nakilat to look for investment opportunities outside Qatar in order to achieve more added value to the company and its shareholders,” he was quoted as saying.

Al Sulaiti said the company, which employed 3,500 workers, welcomed any investment that would bring profit but the company’s focus was mainly on the activity of gas shipping, “which we are seeking to expand”.

He said gas production and gas shipping were witnessing a significant growth.

Al Sulaiti said phase two of its state-of-the-art dry dock was expected to be finished in 2015. Another phase, which involved the production and maintenance of FRP vessels, was in the architectural design phase and will be completed in two-and-a-half to three years.

He said 200 vessels were maintained at the dry dock last year, with 10 new vessels constructed at the facility.

A further nine new vessels will be constructed this year, he said.

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