ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced the successful berthing of LNG carrier, Ish, 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 cubic meters, 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.
The partnership between ADNOC L&S and AG&P highlights the importance of collaboration and innovation in the energy sector. Through this agreement, the companies are working together to bring affordable and reliable energy to the Philippines and beyond, while setting new standards for safety and efficiency in the industry.
The vessel is part of ADNOC L&S' diverse fleet of close to 245 owned vessels and approximately 600 operated and charted vessels per year. Combined with its 1.5 million square meter logistics base in Abu Dhabi and its integrated logistics capabilities, ADNOC L&S is one of the region's largest shipping and integrated logistics companies.