ADNOC L&S expands global operations at Philippines LNG import terminal
ADNOC Logistics & Services (ADNOC L&S) has successfully berthed the Ish LNG carrier at the AG&P Philippines LNG (PHLNG) import terminal in Batangas Bay, as it continues expanding its operations globally.
Following her arrival, Ish will be commissioned as a floating storage unit (FSU) at PHLNG, the first LNG import terminal in the Philippines.
AG&P subsidiary, GasEntec, converted the vessel, which has a capacity of 137,500 cu. m, to an FSU in five months. The supply, operations and maintenance of the FSU will be undertaken by ADNOC L&S.
The agreement to charter Ish to AG&P was signed in 2022 and spans 11 years with the option to extend a further four years. This arrangement bolsters ADNOC L&S' FSU revenue stream and extends the life of the vessel while securing PHLNG's resilience of LNG supply. The agreement builds on an existing long-term charter signed between ADNOC L&S and AG&P to provide another FSU in India.
Joseph Sigelman, chairman and CEO of AG&P, said, “With the Ish docking at PHLNG for the next decade or longer, AG&P is proudly set to open the first LNG terminal in the Philippines, one with both floating and, shortly, almost equal onshore tank storage, providing near 100% availability.”
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The vessel is part of ADNOC L&S' diverse fleet of close to 245 owned vessels and about 600 operated and charted vessels per year. Combined with its 1.5-million-sq-m logistics base in Abu Dhabi and its integrated logistics capabilities, ADNOC L&S says it is one of the region's largest shipping and integrated logistics companies.
Acquisitions, asset sales
In November 2022, ADNOC L&S completed its acquisition of Zakher Marine International, an Abu Dhabi-based owner and operator of offshore support vessels. Following this transaction, ADNOC L&S claims to have the most diversified fleet in the Middle East, with more than 300 vessels in its offshore logistics, marine services and shipping fleet, supported by a 1.5-million sq m logistics base in Mussafah.
ADNOC L&S announced in June 2022 its decision to purchase three additional LNG vessels. The newbuild LNG vessels, each with a capacity of 175,000 cu. m, are significantly larger than the current ADNOC L&S fleet, which have a capacity of 137,000 cu. m each. They are being built in a shipyard in China.
Source: Offshore MAg
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