First financing in place for 25 Korea-built vessels in QatarEnergy’s massive LNG shipbuilding program

July 28, 2025, by Melisa Cavcic

Qatar Gas Transport Company (Nakilat), Qatar’s shipping and maritime player, has joined forces with the Export-Import Bank of Korea (KEXIM) to set up the first financing package for 25 conventional liquefied natural gas (LNG) carriers being constructed in Korea.

The launch of the first financing package for 25 conventional Korean-built LNG vessels that will be fully owned and operated by Nakilat follows the signing of a memorandum of understanding (MoU) between the Qatari firm and KEXIM. This development is seen as a significant milestone in the company’s strategic growth and international collaboration efforts.

Abdullah Al-Sulaiti, Chief Executive Officer of Nakilat, commented: “Through this partnership, Nakilat has secured vital financial resources for the fleet expansion, which reflects the strong belief in our financial stability and strategic operational capabilities.

“This collaboration highlights Nakilat’s strong commitment to leveraging international partnerships to advance its global market position and support Qatar’s position as a global leader in the LNG industry.”

Moreover, Nakilat describes the partnership as a pivotal step in its long-term strategy to expand its LNG carrier fleet and support QatarEnergy’s historic LNG shipbuilding program and expansion projects.

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The agreement between the duo is said to underscore the strong economic ties between Qatar and the Republic of Korea, while enabling the Persian Gulf state’s firm to secure financing for the construction of new vessels at Korean shipyards.

Nakilat underlined: “KEXIM’s participation, as a Korean government-backed financial institution, represents a strong endorsement of Nakilat’s project. It provides a layer of financial assurance, contributing to secure necassary funding for Nakilat’s Ship building requirements despite global market volatility and geopolitical risks.

“Renowned for its rigorous standards, KEXIM undertakes thorough financial, technical, and legal due diligence before committing to any project. Its involvement serves as a catalyst, encouraging broader participation from other financial institutions in future debt tranches.”

KEXIM was the initial financier for Nakilat’s first round of fleet financing in 2006, which included 25 LNG carriers. As the vessels are being constructed in Korea, the Qatari player believes that securing the initial financing package from KEXIM positions the project as a full-cycle, government-backed export finance initiative.

As a result, this is interpreted to reinforce its credibility and attractiveness to investors, strengthening Nakilat’s financial foundation. Recently, the Persian Gulf country’s shipping and maritime company confirmed a steel-cutting ceremony, which was held for 17 LNG carriers at Hyundai Heavy Industries (HHI) shipyard in South Korea.

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QatarEnergy’s historic LNG fleet expansion program encapsulates 128 vessels, including 24 QC-Max size LNG vessels. Nakilat got the charter and operation duties for nine of those ultra-modern QC-Max LNG ships, which are part of the Qatari energy player’s efforts to sustain and bolster its spot on the global LNG scene.

QatarEnergy also put another expansion project on the North field’s menu, enlarging the North Field East (NFE) and the North Field South (NFS) undertakings with the North Field West (NFW) project. The country’s LNG production capacity is expected to grow by almost 85% from current production levels by 2030.