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Nakilat and Shell celebrate the formal signing of the Master Services Agreement for LNG fleet Operations
Shell will provide a full range of shipping services for Nakilat including staff recruitment, training and operational management of the vessels. A key element of the agreement is the commitment to the development of Nakilat's shipping expertise, in support of its aspiration to become a fully integrated LNG shipping company. Under this 25 year deal, the intention is for operational management of the ships to be transferred to Nakilat within 12 years of the delivery of the last vessel.
Nakilat’s fleet of LNG vessels, currently under construction, will be put into service over the next four years to transport LNG from four of Qatar’s major LNG projects: Qatargas II (Train 5), Qatargas 3 (Train 6), Qatargas 4 (Train 7) and RasGas III (Train 7). These vessels will have capacities ranging between 210,000 m3 and 266,000 m3. Nakilat has equity interests (ranging from 20% to 60%) in a further 29 LNG carriers and also has a 50% stake in four LPG vessels.
Faisal Al Suwaidi, Vice Chairman of Nakilat and CEO of Qatargas commented, "As Qatar becomes the leading producer of LNG in the world, the requirement to have in place a world-class LNG shipping operation is essential. With the signing of this agreement, we are setting the foundations for the development of all the necessary LNG shipping capabilities to meet our growing global requirements. Shell's extensive experience and excellent track record in this area make them an ideal partner and we look forward to building a successful LNG shipping organisation together."
Linda Cook, Executive Director, Royal Dutch Shell plc, stated, "Shell has been transporting LNG around the world safely and reliably for more than 40 years and we are proud to partner with Nakilat in the development of its LNG shipping capabilities. Through this agreement we are adding another dimension to our growing partnership with Qatar. We have already begun to recruit and train the required personnel to make the partnership a success."