The Peninsula reported that Qatar Gas Transport Company, popularly known as Nakilat, plans to start building marine vessels in the H1 of 2010 in a venture with Damen Shipyards Group BN of the Netherlands, as the LNG shipper seeks to expand its revenue sources.

Mr Muhammad Ghanna CEO of Nakilat said that the venture, in which QatarGas will have a majority stake, will be completed by the end of this year.

Mr Ghannam said that Nakilat and Damen plan to build ships as big as 120 meters in length, including luxury yachts and coast guard boats at the Ras Laffan port north of Doha. 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 2010. Nakilat has also formed a venture with Singapore’s Keppel Corporation 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 tonnes a year by the end of 2010, by which time Nakilat will wholly or partly own 54 tankers capable of carrying the fuel.

(Sourced from the Peninsula)