UAE-headquartered Tristar Group has signed a four year contract with BP to provide a range of liquefied natural gas (LNG) shipping services. The value of the deal, which will include services relating to LNG trading and delivery, is estimated to be worth around US$24 million.
The contract with BP, one of Tristar’s longest standing clients, follows the recent addition to the Dubai-based company’s shipping fleet of its first LNG tanker, Tristar Ruby, formerly British Ruby. The vessel, originally built by Hyundai Heavy Industries in 2008, will be technically managed by Wilhelmsen Ship Management and commercially operated by Tristar.
Eugene Mayne, Tristar CEO, describes the contract as being highly significant. He points out that it is not only the company’s first as it expands its presence into the LNG sector, but also further strengthens its already close ties with BP.