AG&P, ADNOC L&S to Convert LNG Carrier into FSU and Deploy it in India

Atlantic Gulf & Pacific International Holdings (AG&P) have signed a charter agreement to use ADNOC L&S 's LNG Carrier Gasha, as a Floating Storage Unit (FSU).

The LNG carrier will be used at AG&P's LNG import terminal in India, which will be commissioned in the second half of 2024. 

The charter deal is valid for 11 years with the option of a four-year extension. The two firms 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."

ADNOC L&S will be responsible for the operations and maintenance of the FSU, while the conversion of the LNG Carrier (LNGC) to an FSU will  be completed by GAS Entec, an AG&P subsidiary. 

The LNG carrier Ghasha was built in Japan and is a moss-type containment vessel with a capacity of around 138,000 cubic meters.

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."