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ADNOC Logistics Signs Time Charter for LNG Al Khaznah Vessel with Atlantic Gulf & Pacific

Gasoil News - Published on Thu, 20 Feb 2020

Image Source: Al Khaznah LNG
ADNOC Logistics & Services announced a charter agreement with Singapore’s Atlantic Gulf & Pacific to utilize its Al Khaznah liquified natural gas vessel. The new 15-year agreement, with an option of a 5-year extension, will enable ADNOC L&S to unlock value from one of its maturing assets. Under the terms of the agreement, from 2021, AG&P will utilize LNG/C Al Khaznah vessel as a floating storage facility for LNG at its Karaikal LNG import terminal, which is located 320 kilometers south of Chennai in India. The Karaikal FSU will be the 4th FSU-based LNG import terminal in the world, after those of Malta, Malaysia, and Bahrain.

The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and currently under contract with ADNOC LNG, another subsidiary of ADNOC.

ADNOC LNG’s contract for LNG/C Al Khaznah will end in 2021 after which AG&P will deploy it as a floating storage facility. This will extend the vessel’s employment life by at least 15 years, offering ADNOC L&S a new revenue stream for a vessel that may otherwise have had deployment challenges after 25 years of operation.

LNG/C Al Khaznah vessel was built in 1994 in Japan and has a capacity of 137,540 cubic meters of LNG distributed across 5 International Maritime Organization type B tanks. It was built according to ADNOC L&S’ design specifications and at the time of its launch was the largest LNG vessel in the world.

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Posted By : Yogender Pancholi on Thu, 20 Feb 2020
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