AG&P Signs 15-Yr Agreement with ADNOC to Provide Storage and Flexibility to First Philippines LNG Import Terminal

Atlantic, Gulf & Pacific International Holdings (AG&P) has signed a long-term charter agreement with ADNOC Logistics and Services (ADNOC L&S) for the supply, operations and maintenance of the vessel named ISH, a 137,512 cubic meter Floating Storage Unit (FSU) for the first Philippines LNG Import Terminal (PHLNG) in Batangas Bay.

The FSU will be located at Batangas Bay at AG&P's new PHLNG facility on the main island of Luzon, the first LNG import terminal in the Philippines.

The FSU is being chartered for 11 years with an option to extend by another 4 years. ADNOC L&S will provide a Japan-built, Moss-type containment vessel as FSU for the project from its fleet of eight LNG ships.

The FSU is part of the combined offshore/onshore terminal that will have an initial capacity of 5 million tonnes per annum (MTPA) and provide its customers with resiliency of supply, even in storms.

Mr. Joseph Sigelman, Chairman & CEO, AG&P Group, said, "PHLNG will store LNG and dispatch natural gas, providing a critical, clean transition fuel for the Philippines. We are privileged to have ADNOC Logistics and Services, a foremost global leader in LNG logistics, as our partner to transition the Philippines to cleaner fuel through AG&P's PHLNG import terminal."

Capt. Abdulkareem Al Masabi, CEO of ADNOC L&S, said, "This agreement with AG&P builds on our existing partnership and demonstrates ADNOC L&S' continued focus on maximizing value from its assets. By providing AG&P with another flexible storage solution for their new LNG terminal, we are able to extend the operational life of this vessel, unlocking surplus value and new opportunities for growth. Furthermore, as the provider of world-class shipping, offshore logistics and onshore services, we are growing our global footprint, delivering cutting-edge technology and services to our partners. Our project with AG&P in the Philippines will contribute to the economic growth of the country by leveraging the potential of clean LNG for power generation."