Qatar to have world's largest LNG fleet within five years, says QGTC Chief

Robert Curt said Qatar anticipates requiring a total of about 90 LNG carriers to handle its natural gas exports over the next five years, which includes over 48 that are currently in service or on order.

"This will be the largest fleet of LNG carriers servicing one natural gas producing country. In addition, we will also need a number of Liquefied Petroleum Gas (LPG) and sulphur carriers," said Curt, who has spent over three decades involved in the sea transportation of petroleum.

Curt was speaking ahead of his planned address at Middle East Money & Ships - the region's conference for maritime financiers, insurers, lawyers, banks and investors, being held in Dubai this December. He is due to outline Qatar's Strategy for Maritime Transport in the LNG, LPG, tanker and dry bulk sectors.

Curt said despite its envious vessel order book, QGTC faces various challenges.

"The biggest challenge for our LNG transportation is finding creative low cost debt financing for the ships that remain to be ordered.

"There is also a need to find safe, reliable, third party ship operators and crews until QGTC is ready to take on the operation of the vessels ourselves. On LPG, matching up our vessel assets with the transportation needs of the marketers will be a challenge, since unlike LNG, LPG is normally sold under short-term contracts and can be sold either delivered or Free On Board (FOB)."

In addition to investing in LNG vessels, QGTC will also build and operate a new state-of-the-art ship dry dock and repair facility in Ras Laffan.

Curt who is a graduate of the U.S. Merchant Marine Academy, features in a powerful speaker line-up at Middle East Money & Ships to be held at the Grand Hyatt Dubai from December 12-13.Other speakers at the two day event include David Fairnie, HART; Mohammad Souri, Chairman, National Iranian Tanker Co; Yusr Sultan, Director, Gulf Energy Maritime PJSC; Khamis J. Bu Amim, Chairman, RECSO; Marcus Machin of arabCapital Andreas Vergottis, Research Director, Oceanic Hedge Fund, Tufton Oceanic Ltd, ; Dr Adil Sinjakli, Managing Partner, Sinjakil & Associates and Javad Mosadeghi, CEO, Islamic P&I Club.

Middle East Money & Ships will run together with the second edition of the prestigious Dubai International Maritime Awards (DIMA). A gala presentation dinner will be held, at Grand Hyatt Dubai, for the top achievers in West and Central Asia, on Monday, 12 December 2005.