Qatar Fuel Transportation Co. QPSC (Nakilat) has reported QAR 829 million ($227.7 million) in web revenue for the primary half (H1) of 2024, up seven % in comparison with the identical interval final yr.
The liquefied pure gasoline (LNG) shipper is proposing an interim money dividend of QAR 0.07, or seven % of capital, to be voted on by shareholders at a gathering August 28, Nakilat stated in a press release.
The state-backed firm posted a 4 % lower in complete bills, incurring QAR 1.5 billion ($411.9 million). Nakilat didn’t report different monetary metrics.
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Earlier Nakilat introduced in a quick assertion it had agreed in precept to totally take over Qatar Shipyard Know-how Options by shopping for the 20 % stake of co-venturer KSI Investments Ltd.
“We stay dedicated to constructing a future with sustainable approaches and offering safe and dependable power transportation options as demand for the LNG transportation market is anticipated to extend worldwide”, chief government Abdullah Al-Sulaiti stated in feedback for the monetary report.
“2024 is a milestone yr for Nakilat’s growth tasks”, Al-Sulaiti added.
Qatar Fuel Growth
Through the quarter the Doha-headquartered firm signed contracts to construct six superior gasoline tankers — 4 fashionable liquefied petroleum gasoline and ammonia carriers and two LNG carriers. It has additionally entered “long-term” constitution agreements with QatarEnergy, which have assigned Nakilat possession and operatorship of 9 QC Max-size LNG carriers.
State-owned QatarEnergy earlier chosen Nakilat for the possession and operatorship of 25 conventional-size LNG carriers. Neither firm has disclosed the period of those agreements.
The 9 are a part of 18 QC Max-size LNG ships that QatarEnergy earlier awarded for development to China State Shipbuilding Corp. (CSSC). With a capability of 271,000 cubic meters (9.6 million cubic toes) every, the 18 orders quantity to a complete of almost $6 billion, making it the most important shipbuilding contract in response to QatarEnergy.
QatarEnergy and Nakilat are world majors in LNG manufacturing and delivery respectively. QatarEnergy is an investor in Nakilat in response to data from credit standing company FitchRatings.
The settlement for the 18 QC Max-size LNG vessels signed in Beijing adopted the completion of the order-booking section for the conventional-size portion of QatarEnergy’s LNG fleet growth program, which was rolled out 2022. The 18 vessels can be constructed at CSSC’s Hudong-Zhonghua Shipyard in Shanghai, in response to a QatarEnergy press launch April 29, 2024.
CSSC will ship eight of the 18 in 2028 and 2029, the remaining in 2030 and 2031, in response to the media assertion.
Earlier than the brand new Nakilat settlement, QatarEnergy signed long-term time-charter agreements with China LNG Transport (Holdings) Ltd., China Retailers Group and Shandong Marine Group for the operation of the opposite half of the 18 vessels agreed with CSSC.
QatarEnergy has stated its fleet growth goals to assist manufacturing development in Qatar’s offshore North Subject, in addition to to serve an LNG facility it’s constructing with Exxon Mobil Corp. in the USA.
The North Subject growth tasks will increase the Gulf state’s LNG manufacturing capability to 142 metric tons each year (MMtpa) by 2030 in response to QatarEnergy.
QatarEnergy introduced the beginning of development within the North Subject east and south growth tasks October 3, 2023.
In the meantime, the delayed $10 billion U.S. mission in Sabine Go, Texas, has a deliberate capability of 18 MMtpa.
QatarEnergy has signed offtake offers for the North Subject growth tasks, in a spurt of transactions that adopted the LNG commerce disruption that resulted from Russia’s invasion of Ukraine 2022.
To contact the writer, e mail jov.onsat@rigzone.com
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