ADNOC Logistics and Services seals Philippines FSU deal

The Logistics unit of Abu Dhabi National Oil Co (ADNOC) has penned a deal with Singapore-based Atlantic, Gulf & Pacific (AG&P) to charter out a floating storage unit (FSU) for the Philippines’ first LNG import terminal.

The charter with ADNOC Logistics & Services (ADNOC L&S) is for 11 years and comes with a four-year extension option. It follows a previous partnership between the two companies for the conversion, supply, operations, and maintenance of a floating storage unit (FSU) at India’s Karaikal Port.

The deal will see the conversion of 27-year-old 137,540 cu m liquefied natural gas (LNG) carrier Ish (pictured) into an FSU for a new import and regasification terminal in Batangas Bay set to be commissioned in July this year. The facility will have an initial capacity of 5 mtpa.