Nakilat Moves Focus from LNG Vessels to Build Luxury Yachts

Qatar Gas Transport Company (Nakilat) controls the world’s largest fleet of LNG vessels, yet according to the managing director Muhammad Ghannam, the company will now move in a new direction, diversifying from its primary operation to become a builder of small luxury yachts.

“In the near future... we are getting in the business of small, luxury fibre glass boats,” he told Arabian Business in an interview. “We will get there in 2014-2015. Once we get in the business of fibre glass boats then anybody can apply to have a boat and we can build it.”

This diversification could be the reason behind Ghannam’s belief that the company will grow massively in the coming years, requiring it to double its staff. “We have around 5,000 people and we expect to really go away above 10,000 plus in a few years down the road. Once we get all the facilities completed we will be more than 10,000 people. We are doubling our staff in about three years,” he said.

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Nakilat, in a joint venture with the Dutch shipbuilder Damen, called Nakilat Damen Shipyard Qatar, has already announced the construction of a one of a kind 69 metre luxury vessel.

Nakilat has also arranged talks with the port of Doha to build vessels for the terminal, as well as provide repair and maintenance services.

Ghannam said that they “will start negotiating very shortly with the new port authorities. We will start talking to them to see what their requirements are, but we are optimistic that everything for Qatar can be built in Qatar - that's our mandate.”

By. Charles Kennedy of Oilprice.com