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Korean shipbuilders are optimistic about future deals with Qatar after China's Hudong-Zhonghua Shipbuilding Group received a deal for potentially 16 LNG carriers.
It is first batch of the project to build 120 carriers.
Deals with South Korean shipbuilders are reportedly set to follow.
The milestone LNG newbuilding berth reservation deal that Qatar Petroleum (QP) has signed with Hudong-Zhonghua is for a potential 16 vessels worth 20 billion US$2.85 billion.
The contract consists of eight confirmed units plus eight optional units that would be delivered between 2024 and 2025.
Each vessel costs approximately US$180 million and has a size of around 175,000 cubic meters.
The agreement also marks the beginning of Qatar's LNG carrier procurement project, which is set to be the world's largest.
The project has attracted three major Korean shipbuilders, namely Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries, all of whom submitted final proposals along with Hudong-Zhonghua.
The initial deal was awarded to Hudong-Zhonghua reportedly because of a condition that China purchases natural gas from Qatar.
"In other words, Hudong-Zhonghua did not beat the Korean companies in the actual tender," said an industry insider.
Qatar, the world's largest LNG producer, is seeking to increase its annual LNG production from 77 million tons to 126 million tons by 2027.
Qatar's Energy Minister Saad Al-Kaabi revealed that his country Qatar would build at least 60 to 80 LNG carriers while signing slot reservation deals for up to 120 vessels.
He added that Qatar has signed a contract with a shipyard for the first batch and will sign contracts for the remainder before this summer.
The total order amount for the 60 to 80 LNG carriers that Qatar is planning to order is estimated to be US$10.8 billion to US$14.4 billion.
The order for 120 units is estimated to be about US$21.6 billion.
"Since China's Hudong-Zhonghua has a capacity of building five LNG carriers per year, it is unlikely to be able to win additional orders,"
A shipbuilding analyst said that he expects Qatar to place additional orders for about 50 units, mostly with Korean shipbuilders.
He noted that Hudong-Zhonghua only has a capacity to build five LNG carriers per year, while the three Korean shipbuilders can collectively build about 50 LNG carriers a year.
