Tristar Group, a global integrated energy logistics company, has signed a four-year contract with BP to provide liquefied natural gas (LNG) shipping services for a value of $24 million.
The deal with BP, one of Tristar’s long-standing partners, follows the recent addition to the Dubai-based company’s shipping fleet of its first LNG tanker, the Tristar Ruby.
The four-year deal will cover a variety of LNG shipping services comprising trading and delivery capacity worldwide.
The Tristar Ruby, formerly the British Ruby joins Tristar’s 30-strong fleet of ocean-going tankers. The vessel was built by Hyundai Heavy Industries in 2008 and has a cargo carriage capacity of 155,000 cubic metres. She will be technically managed by Wilhelmsen Ship Management and commercially operated by Tristar.
Eugene Mayne, Group CEO of Tristar, said: “We are pleased to be able to announce the value of our deal with BP, the first as we expand our presence into the LNG shipping market. This represents a strengthening of our relationship with BP, one of our core partners.”