AG&P, Adnoc Logistics and Services ink 15-year charter agreement for storage, flexibility to PHLNG

Phase 1 commissioning of PHLNG in H2 with FSU storage. In Phase 2, two additional onshore storage tanks to follow in 2024.

Atlantic, Gulf & Pacific International Holdings (AG&P), a leading downstream LNG platform and infrastructure development company, has signed a long-term charter agreement with Adnoc Logistics and Services (ADNOC L&S) for the supply, operations and maintenance of the vessel named ISH, a 137,512 cubic metre floating storage unit (FSU) for the first Philippines LNG Import Terminal (PHLNG) in Batangas Bay.

The FSU will be located at Batangas Bay at AG&P’s new PHLNG facility on the main island of Luzon, the first LNG import terminal in the Philippines. The FSU is being chartered for 11 years with an option to extend by another four years. ADNOC L&S will provide a Japan-built, Moss-type containment vessel as FSU for the project from its fleet of eight LNG ships. The FSU is part of the combined offshore/onshore terminal that will have an initial capacity of five million tonnes per annum (MTPA) and provide its customers with resiliency of supply, even in storms.

Capt. Abdulkareem Al Masabi, CEO of Adnoc L&S said, “This agreement with AG&P builds on our existing partnership and demonstrates Adnoc L&S’ continued focus on maximising value from its assets. By providing AG&P with another flexible storage solution for their new LNG terminal, we are able to extend the operational life of this vessel, unlocking surplus value and new opportunities for growth. Furthermore, as the provider of world-class shipping, offshore logistics and onshore services, we are growing our global footprint, delivering cutting-edge technology and services to our partners. Our project with AG&P in the Philippines will contribute to the economic growth of the country by leveraging the potential of clean LNG for power generation.”

— sandhya@khaleejtimes.com