INEOS Energy charters two highly efficient LNG carriers to create virtual LNG pipeline from the US to Europe

• The agreements mark INEOS’ entry into the LNG carrier market.   
• Both vessels have a capacity of 174,000 m³and will be built at the Okpo Shipyard in South Korea  
• Equipped with the latest MAN Energy Solutions engines (ME-GA), Air Lubrication technology and Shaft Generators making them highly efficient.  
• The LNG carriers will add to INEOS’ growing fleet which consists of 12 dedicated ethane carriers.   

28/06/2023.  INEOS Energy Trading has today signed agreements with Mitsui O.S.K. Lines  (MOL) for two new build LNG carriers, to be used for the import of LNG into Germany from the United States.  

These agreements are a significant milestone for INEOS Energy Trading, following the long-term Sales and Purchase Agreement signed with Sempra for 1.4 mtpa of supply out of Port Arthur and the purchase of long-term regasification capacity in Brunsbuttel, the German LNG terminal.   

INEOS will capitalise on its experience as the largest transporter of ethane gas from the US to Europe and Asia, to develop a  ‘pipeline’ of LNG into Europe to service its own demand, as well as that of select third parties.  

Both vessels have a capacity of 174,000 m³. They are being built at the Okpo Shipyard in South Korea and will be equipped with the latest MAN Energy Solutions engines (ME-GA).  The addition of Air Lubrication technology and Shaft Generators means the vessels are expected to be highly efficient.   

David Bucknall, CEO of Ineos Energy Trading said “it was extremely important that we selected modern, efficient vessels with environmental considerations embedded in the design. We agreed an engine type and vessel specification with MOL that we believe is optimal for reducing carbon emissions and methane slip. We will continue to work with MOL to identify further opportunities to reduce emissions as both companies work towards a net zero future.” 

Whilst INEOS has an extensive fleet of ethane and naphtha carriers, these two vessels signify their first entry into the LNG carrier market.   

Bucknall adds “we are delighted to be working with MOL, who have a great deal of experience shipping LNG and an excellent reputation. We look forward to developing the relationship, both during the charter period and beyond.”

ENDS 

About INEOS

INEOS is a global petrochemicals manufacturer, comprising 36 individual businesses. We operate 194 facilities in 29 countries throughout the world, employing 26,000 people. INEOS makes 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. In recent years INEOS has diversified with the launch of INEOS Automotive and INEOS Hygienics, acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. A blend of opportunism, belief that it can add value in pursuit of its core values and passion for adventure.

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. As part of its greenhouse gas emission reduction strategy.