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ADNOC Logistics & Services (ADNOC L&S) and Atlantic Gulf & Pacific International Holdings (AG&P), a leading downstream LNG platform and infrastructure development company, have signed a charter agreement to use ADNOC L&S’ LNG carrier, Ish, as a Floating Storage Facility (FSU).
Under the terms of the agreement, from the third quarter of 2022, AG&P will deploy the carrier as the first LNG import terminal in the Philippines, at Ilijan in Batangas Bay. The agreement, which is valid for 11 years with the option of extension by 4 years, strengthens an existing relationship between the two companies and builds on a previous agreement between them to provide another FSU in India, signed in 2021.
The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Capt. Abdulkareem Al Masabi, CEO of ADNOC L&S said: “By providing AG&P with another flexible storage solution for its new LNG terminal, we are able to extend the operational life of this vessel, unlocking incremental value and new opportunities for growth. Furthermore, we are growing our global footprint, delivering cutting-edge technology and services to our partners.”
The supply, operation and maintenance of the FSU will be undertaken by ADNOC L&S, while the conversion of the LNG carrier to a FSU will be completed by AG&P subsidiary, GAS Entec. The Ish was built in 1995 in Japan and has a capacity of 137,315 m3of LNG. At the time of its inauguration was one of the largest LNG vessels in the world.
