Adnoc Logistics & Services (Adnoc L&S) and downstream LNG platform Atlantic Gulf & Pacific International Holdings (AG&P) have signed a charter agreement to utilize the former’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 is valid for 11 years, with the option of extension by 4 years.
The two parties already have a 2021 agreement to provide another FSU in India.
The new vessel is part of a fleet of eight 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.
The Ish was built in 1995 in Japan and has a capacity of 137,315.444 cu m of LNG.
At the time of its inauguration was one of the largest LNG vessels in the world.
The supply, operations and maintenance of the FSU will be undertaken by Adnoc L&S while the conversion of the LNG Carrier (LNGC) to FSU will be completed by AG&P subsidiary GAS Entec.