(MENAFN- The Peninsula) By Sachin Kumar / The Peninsula
Dr Thani bin Ali Al Thani, member of QICCA, said that maritime transport is very important for the global economy as 90 percent of the world's total trade volume happen through it. He was speaking at the seminar on ‘Maritime Navigation and Maritime Transport Contracts in Qatar organised by Qatar International Center for Conciliation and Arbitration (QICCA) at Qatar Chambers.
The seminar also discussed shipping contracts for the export of liquefied natural gas, Nakilat's role in securing Qatar's maritime exports and the legal regulation of maritime concessions in Qatar.
Dr Marwan Al Musleh, General Counsel and Secretary of the Board of Directors of RasGas and Barzan Gas Project stressed on the importance of meeting the parties to the LNG transport contracts with their obligations either during the negotiation process or the procedures. He added transport contracts are for long periods for around twenty to twenty-five years.
He shed light on to the initiatives undertaken by foreign bodies and associations at an international level to develop LNG transport to be smoother, faster and at a lower cost.
He also mentioned various types of insurance in maritime transport, including insurance of equipment, machinery and maintenance, and war risk insurance.
Saleh Abdullah Al Raisi, an analyst in the Department of Trade and Planning at Nakilat, presented Nakilat's role in Qatar's LNG transportation and the various services provided by the company.
He said the company's fleet consists of 67 LNG carriers, the latest and largest fleet in the world. LNG vessels represent a total investment of approximately $11bn with a total transport capacity of more than 8.5 million square meters or 15 percent of global capacity.
He pointed out that Nakilat's LNG vessels are leased through long-term lease agreements by Qatargas and RasGas, adding that since its inception in 2004, Nakilat has transported more than 60 percent of Qatar LNG. Carla Castanos, Legal Counsel at Qatar Navigation discussed the cargo reservation with the carrier and the Maritime Privileges Law in Qatari law. Rahul Sud, Associate Partner with the International Law Chambers, discussed the role played by Qatari banks in financing import and export contracts, including financial institutions such as banks and insurance companies in the financing of foreign trade operations, and the movement of the movement of exports and imports.
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