Abu Dhabi National Oil Company (ADNOC) will deliver a floating storage unit to Atlantic Gulf & Pacific International Holdings (AG&P). On Wednesday, the firms stated that the logistics wing of the state possessed oil company and the LNG logistics firm will collaborate to launch the Philippines’ first LNG import terminal in July 2022.
The Singapore-based AG&P validated an eleven-year contractual deal (extendable by four years) to refurbish the ADNOC Logistics & Services (ADNOC L&S) LNG vessel, Ish, into a floating storage unit (FSU) for a new-fangled terminal at Ilijan in the Batangas Bay.
The Philippines’ domestic natural gas reservoirs are exhausting, and the nation has emerged with strategies for liquified natural gas import terminals for several years to fuel its power plants.
The Philippine energy ministry data showcased that six LNG terminal projects will manifest between 2022 and 2025. In addition, first Gen Corp, a Philippine power manufacturer, previously stated that it expected to commence importing operations at its terminal in 2022.
AG&P’s terminal, dubbed PHLNG, will boast an initial capacity of 5 million tonnes per annum (MTPA). CEO Joseph Sigelman told Reuters that PHLNG would be inducted on July 1st 2022, with commercial operations soon.
Sigelman stated that the seaward liquified natural gas storage will boast a capacity of 137,000 cubic meters, supplemented by 120,000 cubic meters of onshore storage in dual tanks that will come into the picture by 2024.
This is the subsequent floating storage unit project between AG&P and ADNOC. In 2020, the firms unanimously agreed for ADNOC to source a floating storage unit to AG&P’s liquified natural gas import unit at Karaikal Port in India’s Pondicherry.
In November 2021, anonymous sources told Reuters that ADNOC was considering an initial public offering (IPO) of ADNOC L&S in Abu Dhabi this year.
Abdulkareem Al Masabi, CEO of ADNOC L&S, stated that the agreement showcased his firm’s emphasis on enhancing value from its prevailing assets and that it was swelling its global footprint.
About Atlantic Gulf & Pacific International Holdings (AG&P)
Based in Singapore, AG&P is one of the globe’s fastest-growing providers of LNG import and gas logistics, distribution, and infrastructure solutions.
The firm offers clean, safe, and affordable natural gas to consumers in fresh and emerging markets across the globe via an integrated gas logistics portal encompassing the whole gas value chain, from procuring supply to delivery to consumers.
The firm delivers pragmatic solutions to consumers’ infrastructure challenges, inhibiting expenditure, making installation hassle-free, accelerating construction schedules, and abolishing risk, allowing assets to function swiftly.
The firm’s services encompass – development, procurement, engineering, and construction for onshore and seaward gas infrastructure, LNG marketing and logistics, and the delivery of natural gas directly to industrial, commercial, and domestic clientele.
With a rich legacy in international standards of liquified natural gas engineering and infrastructure for the gas and oil, petrochemical, and power sectors, the firm couples its safety record with deep technical expertise to deliver unparalleled end-to-end execution capacities to every project.
The Abu Dhabi National Oil Company (ADNOC) is one of the world’s pioneering energy producers and a principal catalyst for Abu Dhabi’s progression and diversification.
The firm operates throughout the entire hydrocarbon value chain, via a network of comprehensively integrated business enterprises, with interests that vary from exploration, storage, production, refining, and distribution, to the augmentation of a plethora of petrochemical products.
Since 1971, the firm has fabricated several jobs, steered the growth of a versatile knowledge-based economy, and played a chief role in building Abu Dhabi’s global reputation. The firm seeks innovative ways to enhance the worth of its resources through revolutionary technologies to contribute to Abu Dhabi’s positive growth curve.