Nakilat plans to start shipbuilding in JV with Damen Shipyards of the Netherlands

Qatar Gas Transport Company, popularly known as Nakilat, plans to start building marine vessels in the first half of next year in a venture with Damen Shipyards Group BN of the Netherlands, as the LNG shipper seeks to expand its revenue sources, wire agencies reported yesterday. The venture, in which QatarGas will have a majority stake, will be completed by the end of this year, Muhammad Ghannam, chief executive officer of Nakilat, told reporters in Doha yesterday.
Nakilat and Damen plan to build ships as big as 120 metres in length, including luxury yachts and coast guard boats, at the Ras Laffan port north of Doha, Ghannam said. The companies signed a memorandum of understanding in March.
Nakilat, the transporter of liquefied natural gas for the world’s biggest-producer of the fuel, is venturing into shipbuilding to expand revenue sources as it completes the acquisition of 25 tankers by next year. Nakilat has also formed a venture with Singapore’s Keppel Corp to operate a dry dock at Ras Laffan for the repair and maintenance of LNG tankers.
Qatar plans to more than double LNG production to 77 million tons a year by the end of 2010, by which time Nakilat will wholly or partly own 54 tankers capable of carrying the fuel.