BP PLC is taking delivery of six new LNG tankers in 2018 and 2019 to support its expanding global LNG portfolio.
BP’s finance partners KMarin and ICBC Leasing are investing more than $1 billion in the tankers, which will help service BP's 20-year liquefaction contract with the Freeport LNG facility in Texas as well as other international LNG projects.
BP says the ships are designed to be about 25% more fuel efficient than their predecessors. They also will be fitted with a reliquefaction plant that enables evaporated natural gas in the cargo tanks to be returned to the tanks as LNG, allowing the ships to deliver more LNG to market.
BP’s Freeport LNG contract is for 230 trillion BTU/year of LNG capacity. The facility is under construction with the first train expected to be operational by the end of 2018.
The company also participates in LNG projects in Australia, UAE, Indonesia, Trinidad, and Angola.