PR99297

ABU DHABI, UAE, Dec. 21, 2022 /PRNewswire=KYODO JBN/-

- Agreement unlocks additional value from ADNOC L&S' growing operating fleet,

reinforcing its position as region's largest shipping and integrated logistics

company

- As ADNOC L&S renews its LNG fleet, older vessels are being repurposed to

deliver new revenue streams

- AG&P to utilize ADNOC L&S' LNG Carrier Ghasha as floating storage for LNG

Import Terminal in India

    ADNOC Logistics & Services (ADNOC L&S) and Atlantic Gulf & Pacific

International Holdings (AG&P), a leading downstream LNG platform and

infrastructure development company, have signed their third charter agreement

to utilize Ghasha, an ADNOC L&S liquefied natural gas (LNG) carrier, as a

Floating Storage Unit (FSU).

    Under the terms of the agreement, the carrier will be used 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, strengthens the existing relationship between the two companies,

which have previously entered two similar agreements for FSUs in India and the

Philippines.

    Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, 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 repurposing our older vessels to extend their life, generating

incremental value and new revenue streams."

    The operations and maintenance of the FSU will be undertaken by ADNOC L&S,

while the conversion of the LNG Carrier (LNGC) to an FSU will be completed by

GAS Entec, an AG&P subsidiary. The FSU will be moored alongside a

regasification unit, manufactured by the subsidiary. The integrated terminal

will have an initial capacity of 5 million tons per annum (mtpa).

    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."

    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. 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.

    About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by

the Emirate of Abu Dhabi. ADNOC's objective is to maximize the value of the

Emirate's energy reserves to support the United Arab Emirates' economic growth

and diversification. To find out more, visit: www.adnoc.ae

    About Atlantic Gulf & Pacific

    Atlantic Gulf & Pacific (AG&P) is a global leader in developing and running

LNG and gas logistics and distribution solutions. AG&P provides the

infrastructure to access natural gas safely and easily in new and growing

markets. We act as an owner and as a service provider covering the development,

financing, engineering, procurement, project management and construction for

onshore and offshore gas infrastructure, linking suppliers to downstream

customers.

www.agpglobal.com

    Photo : https://mma.prnewswire.com/media/1972722/Ghasha_LNG_Vessel.jpg

    Logo:  https://mma.prnewswire.com/media/1972742/AG_P_Logo.jpg

    Source: AG&P