AG&P Successfully Completes Conversion of Floating Storage Unit (FSU) for the First LNG Import Terminal in the Philippines (PHLNG)

PHLNG to Deliver Gas by March 2023

Conversion of the Japan-built Moss-type LNG Carrier (LNGC) to FSU by AG&P subsidiary GAS Entec

FSU a part of hybrid offshore/onshore PHLNG Import Terminal design,with initial capacity of 5 million tonnes per annum (MTPA)

Supply,operations and maintenance of the FSU by ADNOC L&S

MANILA,Philippines,Oct. 24,2022 -- Atlantic,Gulf & Pacific International Holdings (AG&P),the downstream LNG platform which focuses on infrastructure and logistics to bring LNG to important markets,announced the successful conversion of the 137,512 cubic meter LNG carrier called ISH into a Floating Storage Unit (FSU). The ISH is a central component of the first Philippines LNG Import Terminal (PHLNG). Ready to be docked at AG&P's PHLNG facility in Batangas,the FSU is part of the combined offshore-onshore import terminal that will have an initial capacity of 5 million tonnes per annum (MTPA). The hybrid PHLNG terminal is designed to provide its customers with resiliency of supply and high availability,even during storms.

LNGC ISH

In February 2022,AG&P signed a 15-year long-term charter agreement with ADNOC Logistics and Services (ADNOC L&S) for the supply,operations and maintenance of its 137,512 cubic meter Floating Storage Unit (FSU) for the PHLNG import terminal. AG&P's subsidiary GAS Entec completed the conversion to an FSU in record time. The FSU will be capable of loading LNG at a peak rate of 10,000 cbm/hr and a discharge-to-shore peak rate of 8,000 cbm/hr made possible with the modifications done by Gas Entec in the Cargo Handling and Safety System that allows for simultaneous loading and discharge of LNG.

Mr. Joseph Sigelman,Chairman & CEO,AG&P Group said,"I am delighted to announce the successful completion of the FSU for our PHLNG Terminal that AG&P has executed in-house. This represents yet another milestone for Gas Entec which continues to be a market leader in the conversion of LNG carriers into floating terminals,extending their productive life and opening new markets. We look forward to opening the PHLNG LNG Regasification Terminal in early 2023,bringing LNG for the first time to the Philippines."

Mr. Karthik Sathyamoorthy,President of AG&P Terminals and Logistics,said: "The PHLNG import terminal will store LNG and dispatch natural gas to power plants,industrial and commercial customers and other consumers. From day one,PHLNG will have scalable onshore regasification capacity of 420mmscfd and almost 200,000cbm of storage. The construction for two onshore tanks as part of PHLNG's second phase has already started and will be integrated as part into the main terminal in 2024,ensuring high availability and reliability of natural gas for our customers."

About AG&P

Atlantic Gulf & Pacific (AG&P) is building a global network for clean energy,country by country. We develop and run LNG and gas logistics and distribution solutions,providing the infrastructure to access natural gas safely and easily in new,growing and developed markets worldwide. We act as an owner and as a service provider covering the development,financing,engineering,procurement,project management and construction for onshore and offshore gas infrastructure,linking suppliers to downstream customers.

www.agpglobal.com

LNGC ISH