The Philippines’ first LNG import terminal is offloading its first cargo. ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi’s ADNOC, has announced the successful berthing of LNG carrier, Ish, at the AG&P Philippines LNG (PHLNG) Import Terminal in Batangas Bay.
Following its arrival, Ish will be commissioned as a floating storage unit (FSU) at PHLNG. AG&P subsidiary, GasEntec, converted the vessel, which has a capacity of 137,500 cu m, to an FSU in five months.
The agreement to charter Ish to AG&P, was signed in 2022 and spans 11 years with the option to extend a further four years.
The Philippines’ last producing gas field is on the decline. The country will need nearly 9m tonnes of LNG annually to feed its existing and approved gas-fired power plants after its current source of supply, the domestic Malampaya gasfield, dries up by 2024, according to Fitch Solutions, the research arm of Fitch Group.
