HHI Signs $3.9B Qatar Deal, Hanwha and SHI Ramp Up Talks for 30 LNG Vessels

The Korean shipbuilding giant HD Hyundai Heavy Industries (HHI) recently finalized a contract to construct 17 liquified natural gas (LNG) vessels with QatarEnergy worth $3.9 billion, the largest deal ever signed by a member of South Korea’s shipbuilding sector. Under the deal, HHI will be provided with roughly six years of work with the delivery date of the ships set for 2029, according to Offshore Energy.

The new order brings the total number of LNG vessels that will be delivered to QatarEnergy and its affiliates up to 77 ships, the company said.

Meanwhile, Hanwha Ocean and Samsung Heavy Industries (SHI) are holding negotiations with Qatari organizations to construct 30 additional LNG vessels.

A contract signing ceremony for the HHI deal was held October 25 as part of South Korean President Yoon Suk Yeol’s visit to Qatar. During the trip, the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, and Yeol announced plans for South Korea and Qatar to continue working together to bolster each other’s energy sectors.

The visit also resulted in the signing of a cooperation agreement between the two countries in the areas of defense and artificial intelligence. Both leaders have expressed interest in expanding their collaboration to more industries, including agriculture, maritime and infrastructure.

The energy ministries of both nations signed off on the “Korea-Saudi Hydrogen Oasis Cooperation Initiative” as well, which will improve bilateral partnerships in the clean hydrogen energy sector.

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• Source: https://www.supplychainbrain.com/articles/38382-hhi-signs-39b-qatar-deal-hanwha-and-shi-ramp-up-talks-for-30-lng-vessels