Page 15 - MEOG Week 08 2022

MEOG NEWS IN BRIEF MEOG

the two companies and builds on a previous country by leveraging the potential of clean SERVICES
agreement between the two companies to LNG for power generation.”
provide another FSU in India, signed in 2021. The supply, operations and maintenance ADES completes
It continues ADNOC L&S’ ongoing drive of the FSU will be undertaken by ADNOC
to diversify its customer base and enhance L&S while the conversion of the LNG Carrier headquarters move to Saudi
revenue streams. (LNGC) to FSU will be completed by AG&P
The vessel is part of a fleet of eight LNG subsidiary, GAS Entec. PHLNG will be the Oil and gas drilling firm ADES Group has
vessels operated by ADNOC L&S and is 5th FSU-based LNG import terminal in the relocated its headquarters to the city of Al-
currently under contract to ADNOC LNG, a world, after those in India, Malta, Malaysia, Khobar Saudi Arabia, it has been announced.
subsidiary of ADNOC. Upon the conclusion and Bahrain. The integrated PHLNG offshore/ The completion of the move from Egypt
of its contract with ADNOC LNG, the Ish will onshore import terminal will have an initial was revealed during a special event held at
be deployed to AG&P as a floating storage capacity of 5 million tonnes per annum King Abdullah Financial District Conference
facility, extending the vessel’s life by at least (MTPA). Center in Riyadh.
11 years and up to 15 years, and bolstering Mr. Joseph Sigelman, Chairman & CEO, It was attended by the ADES chairman,
ADNOC L&S’ recently established FSU AG&P Group, said: “PHLNG will store LNG its board of directors, representatives of
revenue stream, while providing PHLNG’s and dispatch natural gas, providing a critical, Zamil Group, and senior executives from the
customers with resiliency of supply. clean transition fuel for the Philippines. We Kingdom’s Public Investment Fund.
Capt. Abdulkareem Al Masabi, CEO of are privileged to have ADNOC Logistics and “Relocating to Al-Khobar is both a logical
ADNOC L&S said: “This agreement builds Services, a foremost global leader in LNG and forward-thinking step to be close to the
on our existing partnership with AG&P logistics, as our partner to transition the world’s biggest energy company, providing
and demonstrates our continued focus Philippines to cleaner fuel through AG&P’s us with immense opportunities,” said Dr.
on maximizing value from our assets. By PHLNG import terminal.” Mohammed Farouk, CEO of ADES.
providing AG&P with another flexible storage The Ish is part of ADNOC L&S’ diverse By relocating the headquarters to Saudi
solution for their new LNG terminal, we fleet of more than 200 vessels, which, when Arabia, ADES aims to increase its presence
are able to extend the operational life of this combined with its 1.5 million square meter in the nation and set its ambition for further
vessel, unlocking incremental value and new logistics base in Abu Dhabi and its integrated global expansion as part of its three-year
opportunities for growth. Furthermore, as logistics capabilities, make the company the corporate strategy.
the provider of world-class shipping, offshore region’s leading marine logistics provider. The company has previously decided to
logistics and onshore services, we are growing The Ish was built in 1995 in Japan and delist from the London Stock Exchange to
our global footprint, delivering cutting-edge has a capacity of 137,315.444 cubic meters of pave the way for a new chapter in its corporate
technology and services to our partners. Our LNG. At the time of its inauguration was one story as a private company alongside its new
project with AG&P in the Philippines will of the largest LNG vessels in the world. partners at PIF and Zamil Group.
contribute to the economic growth of the ADNOC ARAB NEWS

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