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Business

AG&P inks deal for Batangas LNG terminal

Danessa Rivera - The Philippine Star

MANILA, Philippines — Atlantic, Gulf & Pacific International Holdings (AG&P) has chartered a floating storage unit (FSU) for its liquefied natural gas (LNG) import terminal in Batangas.

In a statement, AG&P said it signed a long-term charter agreement with ADNOC Logistics and Services (ADNOC L&S) for the supply, operations, and maintenance of the vessel named ISH, a 137,512-cubic meter FSU.

“PHLNG will store LNG and dispatch natural gas, providing a critical, clean transition fuel for the Philippines. We are privileged to have ADNOC Logistics and Services, a foremost global leader in LNG logistics, as our partner to transition the Philippines to cleaner fuel through AG&P’s PHLNG import terminal,” AG&P Group chairman and CEO Joseph Sigelman said.

ADNOC L&S will provide a Japan-built, Moss-type containment vessel as FSU for the project from its fleet of eight LNG ships.

The FSU is being chartered for 11 years with an option to extend by another four years and will be located in Batangas Bay at AG&P’s new Philippines LNG import terminal (PHLNG) facility targeted to be the first LNG import terminal in the country.

It will be part of the combined offshore/onshore terminal that will have an initial capacity of five million tons per annum (MTPA) and provide its customers with the resiliency of supply, even in storms.

AG&P said the hybrid designed import terminal would be commissioned in two phases, with the first phase to be commissioned with the FSU storage in the third quarter. Two additional onshore storage tanks will then be integrated by the end of the second phase in 2024.

LNG

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