INEOS signs long-term time charter agreements with Pacific Gas for four 99,000 cubic metre Very Large Ethane Carriers (VLECs)
- Pacific Gas and INEOS signed long-term time charter agreements at ceremony today, attended by Pacific Gas and INEOS, as well as shipbuilding and financing partners.
- Earlier this year, the two companies launched the two largest VLECs in the world: the Pacific INEOS Belstaff and the Pacific INEOS Grenadier.
- Agreements will bring INEOS’ ethane fleet to 16 vessels (eight VLECs and eight Dragon class) bringing the number of VLECs chartered by INEOS with Pacific Gas to six.
INEOS Europe AG and Pacific Gas (Hong Kong) Holdings Co., Ltd, have signed long-term time charter agreements for four 99,000cbm (cubic metre) VLECs (Very Large Ethane Carriers).
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.
Richard Longden (INEOS)+41 799 626 123
Andrew McLachlan (Media Zoo)07931 377162
Alex Williams (Media Zoo)07793 207325
INEOS is a global manufacturing company making the raw materials and energy used for everyday life. Its products make an indispensable contribution to society by providing the most sustainable options for a wide range of societal needs. For example, preservation of food and clean water; construction of wind turbines, solar panels, and other renewable technologies; for construction of lighter and more fuel-efficient vehicles and aircraft; for medical devices and applications; for clothing and apparel; and for insulation and other industrial and home applications.
INEOS businesses have put in place the plans and actions needed to ensure that they lead the transition to a net zero economy by no later than 2050, whilst remaining profitable, and staying ahead of evolving regulations and legislation. As part of its greenhouse gas emission reduction strategy, there is widespread goal to move to a more circular economy, in which materials are re-used to their maximum extent.
About Pacific Gas
Pacific Gas (Hong Kong) Holdings Limited provides integrated and competitive shipping services for a full range of clean energy and derivatives in the international market, with offices located in Hong Kong, Shanghai, Singapore, and Mumbai. Through its proactive approach and long-term cooperation with both upstream and downstream customers worldwide, the company has developed into a global leading facilitator and arranger by establishment of its oceangoing shipping platform, providing diversified shipping service for Methane (LNG), Ethane, Propane and Butane (LPG), and various petrochemical gas products including Ethylene, Propylene, Butadiene etc.