trending Market Intelligence /marketintelligence/en/news-insights/trending/9EA4VpQoyDZCVixLIHr_UA2 content esgSubNav
In This List

BP to add 6 tankers to fleet help transport LNG from Freeport project

Blog

Insight Weekly: Unease roils markets; US likely to slip into recession; firms' cash ratios fall

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


BP to add 6 tankers to fleet help transport LNG from Freeport project

BP plc is adding six LNG tankers to its portfolio to help move supplies from the Freeport export terminal under construction on Quintana Island, Texas.

The company said in an Oct. 4 news release that the vessels will be roughly 25% more fuel efficient than older models and the tankers will be able to reliquefy natural gas that evaporates during the trip, reducing the amount of product that is lost in a process known as "boil off."

"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," BP Shipping CEO Susan Dio said in the release.

BP has a 20-year tolling agreement with Freeport LNG for 4.4 million tonnes per annum, which will begin when the second liquefaction train is completed. The first train, which has faced deadline pressure, is expected to be in service by the end of 2018, according to BP.