ADNOC L&S Signs Agreement with AG&P for Floating Storage Unit
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 a charter agreement to utilize ADNOC L&S’s LNG Carrier Ish as a Floating Storage Facility (FSU).
Under the terms of the agreement, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG). The agreement, which is valid for 11 years with the option of extension by 4 years, strengthens an existing relationship between the two companies and builds on a previous agreement between the two companies to provide another FSU in India, signed in 2021. It continues ADNOC L&S’ ongoing drive to diversify its customer base and enhance revenue streams.
The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC. Upon the conclusion of its contract with ADNOC LNG, the Ish will be deployed to AG&P as a floating storage facility, extending the vessel’s life by at least 11 years and up to 15 years, and bolstering ADNOC L&S’ recently established FSU revenue stream, while providing PHLNG’s customers with resiliency of supply.
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