Adnoc subsidiary to lease LNG vessel to Singaporean firm – The National

Adnoc subsidiary to lease LNG vessel to Singaporean firm – The National

'Al Khaznah' will be used as a floating storage unit at the Karaikal LNG terminal in Puducherry, India. Abu Dhabi National Oil Company's logistics and services subsidiary signed an agreement with Singapore's Atlantic Gulf & Pacific company to lease one of its liquefied natural gas (LNG) vessels.. The carrier Al Khaznah will be used as a floating storage unit (FSU) at the Karaikal LNG import terminal, which is located 320 kilometres south of the southern Indian city of Chennai.. The LNG terminal at Karaikal deepwater port is one of 11 terminals being developed in India, the world's fourth-largest importer of gas.. The South Asian country plans to increase the share of gas in its energy mix to 15 per cent between 2020 and 2030, from 6.2 per cent at the end of 2019.. The FSU that will deliver gas to consumers in India's south-east is one of eight LNG vessels operated by Adnoc L&S, which has a fleet of more than 120 carriers.. The agreement with AG&P will extend its life by another 15 years, offering "a new revenue stream" to a vessel that would have been challenging to set up after 25 years of operations, Adnoc said.. The agreement