Qatar Marine Transport Company signed on Tuesday a Memorandum of Understanding with the South Korean Hyundai Heavy Industries on the construction of four gas supertankers, the Qatar News Agency reported.

Board Chairman and Managing Director of the Qatari company Salem Butti al-Nuaimi said the contract signed with the world's biggest shipbuilder is worth 1.4 billion Qatari riyals (384.6 million US dollars).

The construction of the tankers is part of a modernization step for Qatar to cope with the growing demand of the gas products transport, he added.

Nuaimi indicated the four tankers will join the company's fleet in the second quarter of 2008.

Source: Xinhua