Nakilat bucks trend with massive profits hike
Qatari LNG transporter reveals Q2 profits up 252% to US$49.26 million
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Qatar Gas Transport Co (Nakilat), has bucked the trend of most companies operating in the oil and gas sector by posting a 252.2% rise in second quarter profits compared to the same period of 2008.
Company results revealed Nakilat’s profits rose to US$49.26 million for the second quarter of 2009.
Nakilat, the world’s largest transporter of liquefied natural gas (LNG), has benefited from Qatar’s massive investment in LNG infrastructure. The Gulf state hopes to double LNG production to 62 million tonnes per annum (tpa) in 2009 and then go on to hit 77 million tpa in 2010.
The company recently raised $950 million 17 different financial institutions to ensure it has the correct funding is in place to complete its acquisition of a fleet of 25 LNG carriers currently being constructed in various South Korean shipyards.
Qatar Petroleum, Qatar Shipping Company and Qatar Navigation & Transport Company are by the end of 2009 and three in 2010. Besides those 25 ships, Nakilat has stakes in 29 others.