ATLANTIC, Gulf & Pacific Worldwide Holdings Pte. Ltd. (AG&P) on Wednesday introduced the signing of a 15-year contract with an Abu Dhabi firm to constitution a 137,512-cubic meter storage vessel for its liquefied pure fuel (LNG) import terminal undertaking in Batangas Bay.
In a media launch, AG&P mentioned Abu Dhabi Nationwide Oil Co. Logistics and Providers (ADNOC L&S) will present a Japan-built, moss-type containment vessel as a floating storage unit (FSU) for the import terminal from its fleet of eight LNG ships.
“We’re privileged to have ADNOC [L&S], a foremost international chief in LNG logistics, as our companion to transition the Philippines to cleaner gasoline by means of AG&P’s Philippine LNG import terminal,” mentioned Joseph Sigelman, the AG&P group’s chairman and CEO.
The chartered vessel might be a part of the corporate’s offshore/onshore terminal with an preliminary storage capability of 5 million tons per 12 months, permitting it to supply LNG provide in excessive climate circumstances.
The FSU might be commissioned together with the operations of the primary section of the LNG import terminal in July.
ADNOC L&S CEO Abdulkareem Al Masabi mentioned that by offering AG&P a storage resolution it’s also extending the operational lifetime of its asset, which may result in progress alternatives for the logistics firm.
“Our undertaking with AG&P within the Philippines will contribute to the financial progress of the nation by leveraging the potential of fresh LNG for energy era,” he added.
Alexander P. Gamboa, managing director and international head of enterprise growth Atlantic, Gulf & Pacific Firm of Manila, Inc., mentioned in an interview with BusinessWorld on Friday that the corporate is “all palms on deck” in dashing the completion of the built-in LNG terminal in Batangas.
He mentioned the undertaking would assist present power safety within the nation.
“This basically replaces Malampaya. The terminal is not going to solely provide Korean Electrical Energy Corp.’s 1,200-megawatt (MW) energy plant in Ilijan, Batangas, however can even provide LNG to the 1,300-MW energy plant of the SMC International Energy Holdings Corp., which might be constructed beside the terminal,” he mentioned. — Marielle C. Lucenio