NAKILAT AND SHELL SIGN THE MASTER SERVICES AGREEMENT FOR LNG FLEET OPERATIONS

Qatar,  July 11, 2007
Nakilat and Shell International Trading and Shipping Company Limited (Shell) formalised the November 2006 execution of the Master Services Agreement, in which Shell was appointed as the shipping and maritime services provider for Nakilats fleet of some 25 newbuild liquefied natural gas (LNG) carriers, with a ceremonial signing today.

Shell will provide a full range of shipping services for Nakilat including staff recruitment, training and operational management of the vessels. A key element of the agreement is the commitment to the development of Nakilats shipping expertise, in support of its aspiration to become a fully integrated LNG shipping company. Under this 25 year deal, the intention is for operational management of the ships to be transferred to Nakilat within 12 years of the delivery of the last vessel.

Faisal Al Suwaidi, Vice Chairman of Nakilat and CEO of Qatargas commented, As Qatar becomes the leading producer of LNG in the world, the requirement to have in place a world-class LNG shipping operation is essential. With the signing of this agreement, we are setting the foundations for the development of all the necessary LNG shipping capabilities to meet our growing global requirements. Shells extensive experience and excellent track record in this area make them an ideal partner and we look forward to building a successful LNG shipping organisation together.

Linda Cook, Executive Director, Royal Dutch Shell plc, stated, Shell has been transporting LNG around the world safely and reliably for more than 40 years and we are proud to partner with Nakilat in the development of its LNG shipping capabilities. Through this agreement we are adding another dimension to our growing partnership with Qatar. We have already begun to recruit and train the required personnel to make the partnership a success.

 

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