Global liquified natural gas (LNG) platform and development firm Atlantic, Gulf & Pacific International Holdings (AG&P) signed a long-term charter agreement with ADNOC Logistics and Services for the supply, operations and maintenance of a floating storage unit (FSU) to be used for an import terminal being constructed in Batangas.
AG&P said the 137,512 cubic meters vessel named ISH will be charted as FSU for 11 years with an option to extend by another four years.
The FSU is part of the combined offshore and onshore terminal (PHLNG) being built by AG&P that will have an initial capacity of 5 million tons per annum said to be capable of providing supply even during a storm.
The parties did not disclose the amount involved in the partnership.
Joseph Sigelman, AG&P chairman and chief executive officer, said the hybrid-designed PHLNG import terminal will be commissioned in two phases with the first to be commissioned with the FSU storage by third quarter this year as the second phase will involve two additional onshore storage tanks to be integrated by 2024.
“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,” Sigelman said.
PHLNG is also being developed to have a scalable onshore regasification capacity of 504 million standard cubic feet per day and 257,000 cubic meters of storage to ensure high availability and reliability of natural gas for its customers.
Five other proponents set to build their own LNG terminals are FGEN LNG Corp.; Excelerate Energy; Shell Energy Philippines Inc.; Vires Energy Corp.; and Energy World Gas Operations Philippines Inc. – Jed Macapagal
