Reuters reported that Qatar Gas Transport Company and Dutch firm Damen Shipyards Group are to jointly operate a shipbuilding facility at the Qatari port of Ras Laffan.

Nakilat and Damen have agreed to set up a JV 70% held by the Qatari company and 30% owned by Damen to run the shipyard.

Nakilat Damen Shipyards Qatar, the 15 hectare shipyard built on reclaimed land in the expanded port of Ras Laffan, will begin operations in the Q1 of 2010. Neither company gave the value of the deal. The shipyards will produce commercial vessels, naval and coastguard ships and luxury yachts of up to 120 meters long.

Last year Nakilat raised USD 949 million to fund new ships, the last tranche of USD 6.8 billion financing program begun in 2006 to fund the building of 25 LNG ships at South Korean shipyards.

Qatar has said that it would complete the expansion of its LNG production capacity by September, adding a remaining 15 million tonnes per year to existing capacity of 62 tonne per year.

(Sourced from Reuters)