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THE GIST
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Global Philippines Fine Living
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Economy Stocks Bonds Currencies
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2024 Mid-Year Economi Briefing, economic growth in the Philippines
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June 21, 2024
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Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
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economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
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June 30, 2025 DOWNLOAD
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Economy 2 MIN READ

ADNOC, AG&P agree FSU lease for Philippines first LNG terminal launch in July

February 22, 2022By Reuters
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By Lisa Barrington

DUBAI, Feb 23 (Reuters) – The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines’ first LNG import terminal in July, the companies said on Wednesday.

Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years, to convert ADNOC Logistics & Services (ADNOC L&S) liquefied natural gas (LNG) carrier ISH into a floating storage unit (FSU) for a new terminal at Ilijan in Batangas Bay.

The Philippines’ domestic natural gas reserves are depleting and the country has been developing plans for LNG import terminals for years to feed its power plants.

Six LNG terminal projects have been proposed to come online between 2022 and 2025, energy ministry data shows. Philippine power producer First Gen Corp FGEN.PS has previously said it expects to start importing at its terminal this year.

AG&P’s terminal, named PHLNG with an initial capacity of 5 million tonnes per annum (MTPA), will be commissioned July 1 with commercial operations starting soon afterwards, its CEO Joseph Sigelman told Reuters.

The offshore LNG storage will be 137,000 cubic meters which will be complemented by 120,000 cubic meters of onshore storage in two tanks that are set to come online by 2024, Sigelman said.

This is the second FSU project between AG&P and ADNOC. In 2020 the companies agreed for ADNOC to supply an FSU to AG&P’s LNG import facility at Karaikal Port in India’s Puducherry.

Sources in November told Reuters ADNOC was weighing an initial public offering (IPO) in Abu Dhabi this year of ADNOC L&S. nL8N2S83XR

ADNOC L&S CEO Abdulkareem Al Masabi said in the statement the deal showed his company’s focus on maximizing value from its existing assets, and that it was growing its global footprint.

(Reporting by Lisa Barrington in Dubai
Additional reporting by Enrico Dela Cruz in Manila
Editing by Mark Potter)

((lisa.barrington@thomsonreuters.com;))

This article originally appeared on reuters.com

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