RIYADH: ADNOC Logistics and Services has signed a long-term agreement with liquified natural gas ecosystems developer Atlantic Gulf & Pacific to lease a floating storage unit to launch the first LNG import terminal in the Philippines.
The shipping and logistics arm of Abu Dhabi’s national oil company ADNOC has agreed that AG&P will use ADNOC’s “Ish” vessel as a floating storage unit at the Philippine’s Liquified Natural Gas, or PHLNG, terminal according to WAM.
Supply, operations, and maintenance of the floating storage unit will be handled by ADNOC Logistics and Services while an AG&P subsidiary, GAS Entec, will take care of conversion of the LNG carrier.
“PHLNG will store LNG and dispatch natural gas, providing a critical, clean transition fuel for the Philippines,” WAM reported, citing CEO of AG&P, Joseph Segelman.
The agreement extends the operational life of the LNG vessel — with an estimated capacity of around 137,315 cubic meters of the gas — to an additional 15 years.
The agreement comes as part of ADNOC’s efforts to diversify its customer base as well as revenue sources.
It is also projected to boost and further enhance ADNOC Logistics and Services’ revenue streams.