Page 13 - AsianOil Week 42 2022

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AG&Pconverts LNG carrier into early 2023, bringing LNG for the first time make up about one-fifth of China's crude
to the Philippines."
oil imports, have continued to hold down
FSU for Philippine LNG regas AG&P Terminals and Logistics, said: "The production.
Karthik Sathyamoorthy, President of
"The sentiment is very low. Margins are
terminal PHLNG import terminal will store LNG not good, plants were not motivated to
and dispatch natural gas to power plants,
increase runs," a Singapore-based trading
Atlantic, Gulf & Pacific International industrial and commercial customers and executive with an independent refiner in
Holdings (AG&P) said on October 23 that other consumers. From day one, PHLNG eastern China said ahead of the data release.
it had converted the 137,512-cm LNG will have scalable onshore regasification However, the data showed that exports
carrier called ISH into a Floating Storage capacity of 420mmscfd and almost last month of refined fuel - including diesel,
Unit (FSU), which will be a part of an LNG 200,000cbm of storage. The construction gasoline, aviation fuel and marine fuel oil
import terminal in the Philippines from for two onshore tanks as part of PHLNG's - soared 36% from a year earlier to 5.64mn
2023. second phase has already started and will be tonnes.
"The ISH is a central component of the integrated as part into the main terminal Year-to-date exports were down 27.6%
first Philippines LNG Import Terminal in 2024, ensuring high availability and at 35.45mn tonnes, as a result of Beijing's
(PHLNG). Ready to be docked at AG&P's reliability of natural gas for our customers." policy adopted in late 2021 to limit fuel
PHLNG facility in Batangas, the FSU is part exports and excessive refinery processing.
of the combined offshore-onshore import read more
terminal that will have an initial capacity Chinese oil imports slump in But, in late September Beijing released
of 5 million tonnes per annum (MTPA). a large set of fresh fuel export quotas to
The hybrid PHLNG terminal is designed September boost its sagging economy, which could see
to provide its customers with resiliency of exports recover further through the first
supply and high availability, even during China's crude oil imports in September quarter of 2023. read more read more
storms," AG&P said. were 2% below their level a year earlier, Natural gas imports last month via
The conversion of the Japan-built Moss- data showed on October 24, as independent pipelines and as LNG also rebounded to
type LNG Carrier (LNGC) to FSU was refiners curbed throughput amid thin 10.15mn tonnes, the highest since January,
carried out by AG&P subsidiary GAS Entec. margins and lacklustre demand, Reuters the data showed.
In February 2022, AG&P signed a 15- reported. However, volumes were 4.4% lower than
year long-term charter agreement with However, state-run refiners lifted fuel a year earlier, with LNG imports being
ADNOC Logistics and Services (ADNOC exports to the highest monthly volume the drag as companies avoided pricey spot
L&S) for the supply, operations, and since June 2021 to cash in on robust purchases. read more
maintenance of its 137,512-cm Floating export margins, according to data from the Gas imports for the first nine months of
Storage Unit (FSU) for the PHLNG import General Administration of Customs that the year were down 9.5% year-on-year at
terminal. was released a week behind schedule. 81.16mn tonnes.
According to AG&P, the FSU will be The world's largest crude importer
capable of loading LNG at a peak rate of brought in 40.24mn tonnes of crude oil last
10,000 cbm/hr and a discharge-to-shore month, equivalent to about 9.79mn barrels Watchdog serves warning on
peak rate of 8,000 cbm/hr, and will be able per day. While that was up from 9.5mn bpd
to simultaneously load and discharge LNG. in August, shipments remained below the extraterritorial activities of
Joseph Sigelman, Chairman & CEO, nearly 10mn bpd imported a year earlier.
AG&P Group said, "I am delighted to Imports for the first three quarters of China’s overseas police service
announce the successful completion of the the year totalled 370.4mn tonnes, or about
FSU for our PHLNG Terminal that AG&P 9.9mn bpd, 4.3% below the corresponding centres
has executed in-house. period last year. This marks the first annual
"This represents yet another milestone decline for this period since at least 2014. Watchdog group Safeguard Defenders
for Gas Entec which continues to be a China's fuel demand took a hard hit as has served a warning about the claimed
market leader in the conversion of LNG Beijing's drastic COVID-19 curbs stifled activities of dozens of "110 Overseas Police
carriers into floating terminals, extending travel and manufacturing activities. Service Centers" opened by Beijing around
their productive life and opening new While state refineries have mostly the world, from Uzbekistan to Hungary to
markets. We look forward to opening the returned from outages and planned Canada.
PHLNG LNG Regasification Terminal in maintenance, independent refiners, which Some of the centres are being used in

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