AG&P, ADNOC ink FSU charter deal

The agreement, valid for 11 years with a four-year extension option, strengthens the existing relationship between the two companies, which have previously entered two similar agreements for FSUs in India and the Philippines

Downstream oil company Atlantic Gulf & Pacific International Holdings said Thursday it signed its third charter agreement with ADNOC Logistics & Services to utilize Ghasha — an ADNOC L&S liquified natural gas carrier — as a floating storage unit.

The agreement green-lighted the use of the carrier which will be commissioned by the second half of 2024 at AG&P’s LNG Import Terminal in India.

The agreement, valid for 11 years with a four-year extension option, strengthens the existing relationship between the two companies, which have previously entered two similar agreements for FSUs in India and the Philippines.

“AG&P is thrilled to work closely with ADNOC L&S to continue to bring energy to important markets. We are also proud of AG&P’s Gas Entec business, which has become a world leader in LNG technology. The ADNOC L&S FSU, plus the regasification unit, is a powerful combination for bringing gas to new markets,” AG&P Group chairman and CEO Joseph Sigelman said.

Diverse operational fleet

The LNG carrier Ghasha was built in Japan and is a moss-type containment vessel with a capacity of around 138,000 cubic meters. It is part of ADNOC L&S’ diverse operational fleet of more than 300 vessels.

AG&P is thrilled to work closely with ADNOC L&S to continue to bring energy to important markets.

When combined with a 1.5 million square meter logistics base in Abu Dhabi and its integrated logistics capabilities, ADNOC L&S is the region’s largest shipping and integrated logistics company.

In October, AG&P also successfully completed the conversion of a 137,512 cubic meter LNG carrier called ISH into a Floating Storage Unit for the first LNG Import Terminal in the Philippines.

The PHLNG is poised to deliver gas by the first quarter of 2023.