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Evergas and INEOS expand multigas vessel fleet

LNG Industry,

Evergas has reached an agreement with INEOS to expand its new-building series of ethane/multigas vessels, from six to eight units.

In January 2013, Evergas announced that it had secured shipping agreements of up to 15 years with INEOS for the worlds’ first transatlantic shipments of ethane, to commence in 2015.

US shale gas

The fleet of eight vessels will bring US ethane from shale gas to INEOS’ manufacturing sites in Grangemouth, Scotland and Rafnes, Norway. This feedstock will have a highly positive impact for the company’s European operations. INEOS will source its ethane feedstock from Marcus Hook and Houston, US.

The increased volumes of the cost-efficient US ethane feedstock will be crucial for INEOS in order to support its competitive business model. David Thompson, COO INEOS Trading & Shipping, commented: “The increased ethane volumes, lifted on the expanded Evergas Dragon fleet will provide us with long term security and flexibility, cost efficiency of our feedstock supplies, and importantly support the company’s competitiveness in Europe”.

LNG and other gases

The vessels are some of the largest and most flexible multigas carriers yet to be built, providing the benefit of transporting LNG, LPG and other petrochemical gases including ethylene.

Martin Ackermann, CEO of Evergas, commented: “We are delighted that INEOS have decided to expand the Dragon series of our innovative and technically advanced vessels. They have been specifically designed and tailor-made for the transatlantic trade, and the order expansion clearly shows INEOS’s belief in our partnership, and the long term sustainability of this endeavor.”

The dual-fuel vessels are built to match the highest environmental and efficiency performance levels, securing ultra-low emissions and reduced transportation costs.

Image copyright of INEOS.

Adapted from press release by Katie Woodward

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