Qatar: Milaha Increases Stake in LNG Carriers

Milaha, previously known as Qatar Navigation, today announced that its fully-owned subsidiary, Qatar Shipping Company, has signed an agreement to increase its stake in two LNG carriers.

Qatar Shipping Company, represented by Mr. K. K. Kothari, Chief Executive Officer of Qatar Shipping, and Dr. Salem bin Nasser Al-Naemi, Executive Vice President – Support Services, Milaha Group, recently signed an agreement in Copenhagen to buy Maersk LNG’s 15% stake (out of their total holding of 26%) in two LNG Carriers, Maersk Ras Laffan and Maersk Qatar. With this acquisition the stake of Q Ship in these two carriers will increase to 40%.

Pursuant to this acquisition these two ships will be renamed Milaha Ras Laffan and Milaha Qatar. Q Ship will be the Manager of these ships which are on long term charter to Ras Gas and will continue to be on this charter for the next 19 years. Pronav, a German Company will be the technical operator.

His Excellency Sheikh Ali bin Jassim Al-Thani, Chairman & Managing Director of Milaha Group said that he was very pleased with this acquisition which will significantly benefit the Milaha Group over a very long period of time.

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World Maritime News Staff, February 12, 2012; Image: Milaha