ADNOC Logistics & Services (L&S) recently berthed the LNG carrier, Ish, at the AG&P Philippines LNG (PHLNG) Import Terminal in Batangas Bay, as part of its ongoing global expansion plans.
Following its arrival, Ish will be commissioned as a Floating Storage Unit (FSU) at PHLNG, the first LNG import terminal in the Philippines. AG&P subsidiary, GasEntec, converted the vessel, which has a capacity of 137,500 m3, to an FSU in five months.
The agreement to charter Ish to AG&P, was signed in 2022 and spans 11 years with the option to extend a further four years. The supply, operation and maintenance of the FSU will be undertaken by ADNOC L&S and the deal builds on an existing long-term charter signed between ADNOC L&S and AG&P to provide another FSU in India.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Successful partnerships create new value collaboratively, and the repurposing of vessels provides a blueprint for sustainable value creation. For ADNOC L&S, this translates to extending the operational life of our vessel and unlocking new revenue streams and opportunities for growth.”