ADNOC Logistics & Services announced the berthing of LNG carrier, Ish, at the AG&P Philippines LNG (PHLNG) Import Terminal in Batangas Bay.
As informed, following her 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 cubic meters, to an FSU in five months. The supply, operations and maintenance of the FSU will be undertaken by ADNOC L&S.
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. This arrangement bolsters ADNOC L&S’ FSU revenue stream and extends the life of the vessel while securing PHLNG’s resilience of LNG supply. The agreement builds on an existing long-term charter signed between ADNOC L&S and AG&P to provide another FSU in India.
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.
..said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.
The partnership between ADNOC L&S and AG&P highlights the importance of collaboration and innovation in the energy sector. Through this agreement, the companies are working together to bring affordable and reliable energy to the Philippines and beyond, while setting new standards for safety and efficiency in the industry.
AG&P prizes its growing partnership with ADNOC L&S. With the Ish docking at PHLNG for the next decade or longer, AG&P is proudly set to open the first LNG terminal in the Philippines, one with both floating and, shortly, almost equal onshore tank storage, providing near 100% availability.
..said Joseph Sigelman, Chairman and CEO of AG&P.
As the first cargo of fuel originated in Abu Dhabi and with the long-term presence of the Ish, ADNOC L&S is playing a pivotal role alongside AG&P and San Miguel, our anchor customer, in bringing clean energy to the Philippines.
..added.
Concluding, the vessel is part of ADNOC L&S’ diverse fleet of close to 245 owned vessels and approximately 600 operated and charted vessels per year.
