ADNOC Logistics & Services (ADNOC L&S) and Atlantic Gulf & Pacific International Holdings (AG&P), have signed a third FSU charter agreement.
This latest contract involves the utilisation of ADNOC’s LNGC ‘Ghasha’.
Under the terms of the agreement, once converted to an FSU, she will be utilised at AG&P's LNG import terminal in India, which will be commissioned in the second half of 2024.
The agreement, valid for 11 years with the option of a four-year extension, adds to the previously agreed two similar contracts for ADNOC FSUs in India and the Philippines.
Capt Abdulkareem Al Masabi, ADNOC L&S CEO, said: "This agreement with AG&P builds on a phenomenal period of global expansion for ADNOC L&S as we focus on growth, diversification and unlocking new revenue streams.
“ADNOC L&S is in the midst of a major renewal project of its LNG fleet and, as we do so, we are re-purposing our older vessels to extend their life, generating incremental value and new revenue streams," he explained.
The FSU’s operation and maintenance will be undertaken by ADNOC, while the conversion will be undertaken by GAS Entec, an AG&P subsidiary.
Once commissioned, the FSU will be moored alongside a regasification unit, manufactured by the subsidiary. The integrated terminal will have an initial capacity of 5 mill tonnes per annum.
Joseph Sigelman, Chairman & CEO, AG&P Group, said: "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."
‘Ghasha’ was built in Japan and is a Moss-type LNGC with a capacity of around 138,000 cu m.
