Nakilat’s profit climbs

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported on Sunday an 8.5 percent rise in its nine-month profit.

Nakilat said its January-September net profit was at 607 million Qatari Riyals ($166.7m) as compared to 607 million Riyals in the same period last year.

The LNG shipping giant that operates a fleet of 70 vessels noted in its statement that the rise is attributed to its “strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as through effective cost optimisation initiatives across its integrated operations.”

Nakilat has earlier his year expanded its fleet with two additional LNG carriers earlier and acquired a major stake in its first floating storage regasification unit (FSRU).

Nakilat Chief Executive Officer Abdullah Fadhalah Al Sulaiti said that the company “is always on the lookout for opportunities to diversify its business and expand its portfolio, with the aim to widen international outreach and secure industry-leading position in the dynamic and competitive LNG market.”