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QatarEnergy Orders Six More LNG Vessels from China State Shipbuilding

QatarEnergy Orders Six More LNG Vessels from China State Shipbuilding
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QatarEnergy Orders Six More LNG Vessels from China State Shipbuilding

QatarEnergy Orders Six More LNG Vessels from China State Shipbuilding

QatarEnergy has signed a deal with China State Shipbuilding Corporation to buy six additional ultra-large ships to carry liquefied natural gas, it said on Monday, raising such vessels it has on order to 128 as part of a fleet-expansion programme.

The ships, QC-Max, are the largest LNG vessels ever built, with a capacity of 271,000 cubic metres each, QatarEnergy said, Reuters reported.

They will be built at China's Hudong-Zhonghua shipyard, with delivery expected between 2028 and 2031.

QatarEnergy, already among the world's top LNG exporters, will boost its position with its North Field expansion project, which will ramp up Qatar's liquefaction capacity from 77 million tons per annum to 142 mtpa by 2030.

The agreement with CSSC takes the total number of QC-Max vessels on order by QatarEnergy to 24, worth a total of about $8 billion, QatarEnergy said.

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Saudi Non-Oil Sector Grows 4.9% in Q2, Exceeding Estimates

Data from the General Authority for Statistics (GASTAT) show a 0.3% contraction in real GDP in the second quarter (Asharq Al-Awsat)
Data from the General Authority for Statistics (GASTAT) show a 0.3% contraction in real GDP in the second quarter (Asharq Al-Awsat)
TT
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Saudi Non-Oil Sector Grows 4.9% in Q2, Exceeding Estimates

Data from the General Authority for Statistics (GASTAT) show a 0.3% contraction in real GDP in the second quarter (Asharq Al-Awsat)
Data from the General Authority for Statistics (GASTAT) show a 0.3% contraction in real GDP in the second quarter (Asharq Al-Awsat)

Saudi Arabia's non-oil economy grew by 4.9% year-on-year in the second quarter of 2024, beating the July estimate of 4.4%.

According to the General Authority for Statistics (GASTAT), this is the highest growth rate in a year, up from 3.4% in the first quarter of 2024 and 4.2% and 3.2% in the last two quarters of 2023.

The IMF forecasts that Saudi Arabia’s non-oil GDP growth will stay strong.

Its latest report says that smart economic policies, transformative reforms, and increased investment have driven this growth, pushing employment above pre-COVID levels. Continuing these efforts is key to maintaining growth and diversifying the economy.

The IMF also predicts that reform momentum will rise in 2025 with more investment, especially from the Public Investment Fund, which plans to boost its annual investments from $40 billion to $70 billion.

This is in preparation for major events like the 2027 AFC Asian Cup, the 2029 Winter Asian Games, and Expo 2030. Full execution of the national investment strategy could push non-oil GDP growth to 8%.

Saudi authorities project non-oil growth to stay at 4% in 2024 and are confident that Vision 2030 will help sustain this growth long-term.

The General Authority for Statistics reported a 0.3% decline in real GDP in the second quarter of 2024 compared to the same period last year, better than the 0.4% drop expected.

Compared to the first quarter of 2024, seasonally adjusted real GDP grew by 1.4%. Non-oil sectors grew 4.9% year-on-year and 2.1% quarter-on-quarter.

Oil sector activity fell 8.9% year-on-year, slightly worse than the July estimate of 8.5%, but rose 0.9% quarter-on-quarter.

Government activities grew 3.6% year-on-year and 2.3% quarter-on-quarter.