Qatar Navigation (Milaha) has increased its stake in liquefied natural gas (LNG) shipping giant Nakilat.

Milaha said on Wednesday in a statement that its unit, Qatar Shipping Company has entered into an agreement for acquiring the entire stake of Qatar Investment Authority in Nakilat representing 5.9 percent of Nakilat’s share capital.

The deal was conditional on obtaining the consent of the Qatar Financial Markets Authority and the Qatar Central Securities Depositary Company.

Abdulrahman Essa Al-Mannai, President and CEO of Milaha Group, said in the statement that Milaha was holding a 30.3 percent stake in the share capital of Nakilat and has become, as a result of the acquisition, the owner, directly and indirectly, of shares totaling approximately 36.3 percent of Nakilat’s share capital.

Al-Mannai added that Milaha is a founder and major shareholder of Nakilat, and said that, the increase of Milaha’s stake in Nakilat “stems from Nakilat’s success and Milaha’s belief in the vital field of gas transportation.”

Nakilat is the world’s largest LNG shipping company and its fleet compromises of 65 LNG vessels. Nakilat also owns one FSRU and four large LPG carriers.