UAE - Mubasher: ADNOC Logistics & Services (ADNOC L&S) has signed an agreement to lease its liquefied natural gas (LNG) carrier Ish to Singapore-based Atlantic Gulf & Pacific International Holdings (AG&P) to be used as a floating storage facility (FSU), the Emirates News Agency (WAM) reported.
Under the charter agreement effective the third quarter (Q3) of 2022, AG&P will use the carrier for the first LNG import terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
The 11-year agreement could be extended for another four years.
The vessel is part of an eight LNG vessel-fleet operated by ADNOC L&S and is currently under operation for ADNOC LNG as per a contract.
The CEO of ADNOC L&S, Abdulkareem Al Masabi, said: "By providing AG&P with another flexible storage solution for their new LNG terminal, we can extend the operational life of this vessel, unlocking incremental value and new growth opportunities."
AG&P Group Chairman and CEO, Joseph Sigelman, commented: "PHLNG will store LNG and dispatch natural gas, providing a critical, clean transition fuel for the Philippines."
