BP is set to add six new liquefied natural gas (LNG) tankers to its shipping fleet in a bid to support its expanding global LNG portfolio and cater to the increasing demand for energy sources.
The tankers are expected to be delivered in the next two years and will enable the company to meet its service obligations related to multiple international LNG projects, including the liquefaction contract with the Freeport LNG facility in Texas over a period of 20 years.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In connection with the procurement of the six tankers, the company has secured a $1bn loan from its finance partners KMarin and ICBC Leasing.
BP Shipping CEO Susan Dio said: “These vessels will significantly increase BP’s ability to safely transport LNG to anywhere in the world, directly supporting BP’s global natural gas strategy.”
The new vessels are said to be equipped with next-generation engine technology and expected to be about 25% more fuel efficient than the previous models.
In addition, they will come fitted with a reliquefaction plant that ensures evaporated natural gas in the cargo tanks is sent back to the tanks in the form of LNG, allowing the delivery of more LNG to the market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe contract with the Freeport facility involves 230 trillion British thermal units (BTUs) per year of LNG capacity.
Construction is currently in progress at the facility, with the first train expected to become operational by the end of next year.
The company also has interests in LNG projects located in Australia, UAE, Indonesia, Trinidad and Angola.
