AG&P inks FSU deal with Adnoc for Philippines LNG import terminal

Singapore’s LNG firm AG&P has signed a deal with a unit of UAE’s Abu Dhabi National Oil Co (Adnoc) to charter a floating storage unit for its LNG import terminal in the Philippines.

Under the deal, AG&P would lease the 1995-built, 137,315-cbm LNG carrier Ish from Adnoc Logistics & Services and convert it to an FSU, according to a statement.

Starting in the third quarter this year, the agreement would last for 11 years with an extension option for 4 additional years.

Adnoc Logistics & Services will operate and maintain the FSU while GAS Entec, a unit of AG&P, will be in charge of the conversion.

The deal strengthens the existing partnership relationship between the two companies as they previously signed a similar FSU deal for AG&P’s LNG import facility located within Karaikal Port in Puducherry, India.

AG&P inks FSU deal with Adnoc for Philippines LNG import terminal
Image: Adnoc Logistics & Services

AG&P’s terminal in the Philippines, Philippines LNG or PHLNG, will have an initial capacity of 5 million tonnes per annum.

The firm claims this would be the first LNG import terminal in the Philippines and expects to commission the facility in Batangas Bay in July.

Atlantic Gulf & Pacific Company of Manila, a unit of AG&P, won approval for the project in March last year.

McDermott’s unit CB&I Storage Solutions has won contracts to build two storage tanks for the LNG import terminal in the Philippines.

Philippines LNG will store and dispatch regasified liquefied natural gas to power plant, industrial and commercial customers but also other consumers.

The Philippines has several LNG import facilities on the table as the Malampaya gas field becomes less reliable in producing and providing sufficient fuel supply for the country’s existing gas-fired power plants.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

CMA CGM, Evergreen, HMM, and Maersk eye LNG-powered containership orders

France's CMA CGM, Taiwan's Evergreen, South Korea's HMM, and Denmark's Maersk are all looking to order LNG dual-fuel containerships at yards in China and South Korea, according to shipbuilding sources.

More News Like This

Adnoc, Indian Oil finalize Ruwais LNG supply deal

UAE’s Adnoc has signed a sales and purchase deal with Indian Oil to supply the latter with liquefied natural gas from its LNG terminal in Al Ruwais.

Santos further extends exclusivity period for Adnoc takeover

Australian LNG player Santos has further extended the exclusivity period for its proposed $18.7 billion takeover by a consortium led by Adnoc's investment unit, XRG.

Santos says Adnoc takeover deal delayed

Australia LNG player Santos said on Tuesday that a consortium led by Adnoc's investment unit, XRG, would not be able to finalize the previously announced $18.7 billion takeover bid for another four weeks.

Adnoc L&S welcomes new LNG carrier in its fleet

UAE’s Adnoc L&S, a unit of state-owned energy giant Adnoc, has taken delivery of the third 175,000-cbm LNG carrier from China’s Jiangnan Shipyard.