Latest ADNOC agreement for long-term charter of LNG Floating Storage Unit
(Posted on 22/12/22)
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 their third charter agreement to utilize Ghasha, an ADNOC L&S liquified natural gas (LNG) carrier, as a Floating Storage Unit (FSU).
ADNOC L&S ships products for a number of ADNOC Group companies and more than 100 customers worldwide. The ADNOC L&S international trading fleet transports a range of commodities, including dry bulk, on its owned and chartered vessels, supporting ADNOC’s operations locally and facilitating the shipment of commodities to global markets.
Under the terms of the agreement, the carrier will be used at AG&P’s LNG Import Terminal in India, which will be commissioned in the second half of 2024. The agreement, valid for 11 years with the option of a four-year extension, strengthens the existing relationship between the two companies, which have previously entered two similar agreements for FSUs in India and the Philippines.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “This agreement with AG&P builds on a phenomenal period of global expansion for ADNOC L&S as we focus on growth, diversification and unlocking new revenue streams. ADNOC L&S is in the midst of a major renewal project of its LNG fleet and, as we do so, we are repurposing our older vessels to extend their life, generating incremental value and new revenue streams.”
The operations and maintenance of the FSU will be undertaken by ADNOC L&S, while the conversion of the LNG Carrier (LNGC) to an FSU will be completed by GAS Entec, an AG&P subsidiary. The FSU will be moored alongside a regasification unit, manufactured by the subsidiary. The integrated terminal will have an initial capacity of 5 million tons per annum (mtpa).
Joseph Sigelman, Chairman & CEO, AG&P Group, said: “AG&P is thrilled to work closely with ADNOCL&S to continue to bring energy to important markets. We are also proud of AG&P’s Gas Entec business, which has become a world leader in LNG technology. The ADNOC L&S FSU, plus the regasification unit, is a powerful combination for bringing gas to new markets.”
The LNG carrier Ghasha was built in Japan and is a moss-type containment vessel with a capacity of around 138,000 cubic meters. It is part of ADNOC L&S’ diverse operational fleet of more than 300 vessels. When combined with a 1.5 million square meter logistics base in Abu Dhabi and its integrated logistics capabilities, ADNOC L&S is the region’s largest shipping and integrated logistics company.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s energy reserves to support the United Arab Emirates’ economic growth and diversification.
Atlantic Gulf & Pacific (AG&P) is a global leader in developing and running LNG and gas logistics and distribution solutions.
Latest News
Tomini Dynasty Captain receives prestigious Gallantry Award
(Posted on 16/04/24)Tomini Group, a world-class dry bulk ship owner, has announced that Captain Om Dutta has been honoured... Read more
Singapore retains top spot as world’s leading maritime city
(Posted on 15/04/24)Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and... Read more
AtoB@C Shipping takes delivery of Stellamar
(Posted on 15/04/24)AtoB@C Shipping, a subsidiary of ESL Shipping, the leading carrier of dry bulk cargoes in the Baltic... Read more
Maritime industry leaders to explore ammonia as marine fuel on US West Coast
(Posted on 29/03/24)American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services... Read more
MMS raises awareness over improper use of antibiotics on board vessels
(Posted on 29/03/24)Leading provider of medical support services for crews, Marine Medical Solutions (MMS), is concerned... Read more
ESL to sell Supramaxes
(Posted on 25/03/24)ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of... Read more
Sustainable fuels can reach cost parity with fossil fuels by 2035
(Posted on 25/03/24)New Wärtsilä analysis shows EU ETS and FuelEU Maritime will close price gap, creating policy... Read more
Swedish Club delivers firm foundation for future growth
(Posted on 25/03/24)The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members... Read more
DNV establishes Tanker and Bulker Expert Team in China
(Posted on 18/03/24)DNV has established a Tanker and Bulker Expert Team based in Shanghai. With strong global demand and... Read more
ClassNK notation for improvements in living and working environment
(Posted on 18/03/24)ClassNK has granted its “ELW” (Excellent Living and Working Environment) notation to &ldquo... Read more
