Abu Dhabi National Oil Company's logistics and services subsidiary signed an agreement, its second in two years, with Singapore's Atlantic Gulf & Pacific company to lease one of its liquefied natural gas (LNG) vessels to be used as a floating storage unit.
The Ish will be used at the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay, Adnoc Logistics & Services said on Wednesday.
The move is expected to extend the vessel's life by 11 to 15 years, while also strengthening Adnoc L&S's FSU revenue streams.
Our project with AG&P in the Philippines will contribute to the economic growth of the country by leveraging the potential of clean LNG for power generation
Cpt Abdulkareem Al Masabi,
chief executive of Adnoc L&S
LNG is natural gas that turns into a colourless and non-toxic liquid when cooled to about minus 162°C. The cooling process shrinks the volume of the gas, making it easy to ship and store. It can be used for cooking, heating homes, manufacturing products and fuelling commercial vehicles.
Global LNG demand grew by 20 million tonnes in 2021 with Asia accounting for virtually all of the growth, Wood Mackenzie says.
Demand for LNG globally is currently projected to grow by up to 5 per cent annually over the next 20 years, as it can contribute to better air quality and lower green house gas emissions in the power sector. This makes LNG ideal for the transition to a low-carbon energy future, supporting a mix of fuels to help countries balance energy demand with their clean energy goals.
"By providing AG&P with another flexible storage solution for their new LNG terminal, we are able to extend the operational life of this vessel, unlocking incremental value and new opportunities for growth," said Cpt Abdulkareem Al Masabi, chief executive of Adnoc L&S.
"Our project with AG&P in the Philippines will contribute to the economic growth of the country by leveraging the potential of clean LNG for power generation.”
Built in 1995 in Japan, the Ish has a capacity of 137,315 cubic metres and was one of the largest LNG vessels in the world at the time of its launch.
The deal comes as LNG prices reach a record high amid strong demand and limited supply as countries relax Covid-related curbs.
AG&P will lease the vessel from the third quarter of 2022 and has the rights for 11 years with an option to extend by another four.
The Ish is part of a fleet of eight LNG vessels operated by Adnoc L&S and is currently leased to Adnoc LNG, a subsidiary. It will be used by AG&P once the contract finishes, the company said.
Adnoc L&S leased its first LNG vessel to AG&P in 2020 to be used as a floating storage unit at the Karaikal LNG import terminal in India. The unit will be leased over a period of 15 years from 2021 onwards, with the option of extending it for five years.
Adnoc L&S was formed in 2016 after the merger of three Adnoc units and it plans to add 25 vessels to its fleet over the next five years.
Last year, it teamed up with AD Ports Group to develop a new port and associated facilities at the Ta'ziz chemical manufacturing centre in Ruwais. The two companies also plan to select an international operator to form a joint venture and develop the port.
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The%20specs
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Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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%3Cp%3EThe%20UAE%20will%20host%20Scotland%20for%20a%20three-match%20T20I%20series%20at%20the%20Dubai%20International%20Stadium%20next%20month.%3Cbr%3EThe%20two%20sides%20will%20start%20their%20Cricket%20World%20Cup%20League%202%20campaigns%20with%20a%20tri-series%20also%20involving%20Canada%2C%20starting%20on%20January%2029.%3Cbr%3EThat%20series%20will%20be%20followed%20by%20a%20bilateral%20T20%20series%20on%20March%2011%2C%2013%20and%2014.%3C%2Fp%3E%0A
