Feb 11 2012
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Milaha Increases Stake in LNG Carriers
Milaha , previously known as Qatar Navigation, today announced that its fully-owned subsidiary, Qatar Shipping Company , has signed an agreement to increase its stake in two LNG carriers.
Qatar Shipping Company , represented by Mr. K. K. Kothari, Chief Executive Officer of Qatar Shipping, and Dr. Salem bin Nasser Al-Naemi, Executive Vice President - Support Services, Milaha Group, recently signed an agreement in Copenhagen to buy Maersk LNG's 15% stake (out of their total holding of 26%) in two LNG Carriers, Maersk Ras Laffan and Maersk Qatar. With this acquisition the stake of Q Ship in these two carriers will increase to 40%.
Pursuant to this acquisition these two ships will be renamed Milaha Ras Laffan and Milaha Qatar. Q Ship will be the Manager of these ships which are on long term charter to Ras Gas and will continue to be on this charter for the next 19 years. Pronav, a German Company will be the technical operator.
His Excellency Sheikh Ali bin Jassim Al-Thani, Chairman & Managing Director of Milaha Group said that he was very pleased with this acquisition which will significantly benefit the Milaha Group over a very long period of time.
Today, Milaha has become a large, diversified strategic holding company with core interests in various maritime transport sectors as well as logistics. Yet as diverse as the company has become, it has always succeeded through unity and synergy: every part working together for the good of the whole through shared values and ethics.
The company was established in July 1957, as the first public shareholding company registered in Qatar and holds commercial registration no. 1. The aim in establishing the company was stimulating growth in the Qatari economy through the provision of shipping, transportation, and cargo handling services necessary to link Qatar with the rest of the world. The company has since evolved, expanded and diversified into maritime transportation in gas, petroleum products, containers and bulk; offshore support services; port management; logistics services; shipyard; trading agencies; real estate; and asset management.
The legal entity, Qatar Navigation Q.S.C. (QNNS), is publically listed on the Qatar Exchange and represents almost 5% of the Qatar Exchange Index. For further details please visit the company's website www.milaha.com or see the company's results on the Qatar Exchange website www.qe.com.qa.
For additional information, kindly contact:
Corporate Communications Department
Tel: +974 4 494 9624; Fax: +974 4 483 3244
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