MOSCOW (MRC) -- INEOS Europe AG and Pacific Gas (Hong Kong) Holdings Co., Ltd, have signed long-term time charter agreements for four 99,000 cbm (cubic metre) VLECs (Very Large Ethane Carriers), said the company.
The deal will bring INEOS’ ethane fleet to 16 vessels, with eight VLEC and eight Dragon class ethane carriers. With these agreements, INEOS will have a total of six VLECs under time charter with Pacific Gas.
Several high profile dignitaries attended the signing ceremony, including: Jiang Guodong, Secretary of the Party Committee and Chairman of the Shandong Ocean Group; Yang Jincheng, General Manager and Deputy Secretary of the Party Group of CSSC; Xu Peilin, Vice President of INEOS Olefins and Polymers Asia; Wang Peng, President and Deputy Secretary of the Party Committee of SPDB Financial Leasing; Zhu Zhiqiang, General Manager of Shenzhen Capital Operation Group and Chairman of CIMC Leasing; and Zhang Lianhuai, President of CMB Leasing.
David Thompson, CEO of INEOS Trading & Shipping, said: “Earlier this year, INEOS and Pacific Gas launched the two largest VLECs in the world: the Pacific INEOS Belstaff, and the Pacific INEOS Grenadier. Today’s signing marks the next stage of our cooperation with Pacific Gas, and we look forward to working with them and the other valuable stakeholders in this exciting project."
Chairman Jiang Guodong said “This cooperation benefits from the mutual trust and support of all parties in the project. All parties will take this opportunity to work together and complement each other's advantages to create a new win-win cooperation in future."
The signing of the long-term time charter agreements for four 99,000 cubic meter VLEC vessels will take Pacific Gas’ ethane carrying capacity to the largest in the world.
We remind, INEOS O&P Europe has announced today a EUR30 MM investment in the conversion of its plant in Lillo, at the Port of Antwerp, to enable its existing capacity to produce either monomodal or bi-modal grades of high-density polyethylene (HDPE). This will allow INEOS to meet the strong demand for durable high-end applications such as cable ducts and pipes used to transport green energy sources such as renewable power and hydrogen, whilst enabling the business to follow market trends as society reduces single use packaging.