- 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.

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.”

About INEOS Energy

INEOS Energy is the energy division of INEOS, a multinational chemical company that operates in a variety of industries including petrochemicals, specialty chemicals, and oil and gas. INEOS Energy was established in 2020 to oversee the company's growing portfolio of energy-related businesses, which includes exploration and production, as well as trading of oil and gas.

The company's exploration and production activities focus on onshore and offshore oil and gas assets in the North Sea, in the UK and Denmark. In recent years, INEOS Energy has made investments in low-carbon technologies, including Carbon Capture and Storage, and hydrogen.

INEOS Energy leads a consortium that announced the world’s first cross border offshore carbon capture and storage project, earlier this year in the North Sea. The Denmark sector project has potential sequestration volumes of 1.5 million tonnes of CO2 per year by 2025, increasing to a potential 8 million tonnes of CO2 per year by 2030.

INEOS is also part of a consortium of eleven companies that support the large-scale deployment of carbon capture and storage (CCS) technology in Houston, Texas. The potential storage capacity in the Houston area alone could lead to capturing and safely storing up to 50 million metric tons of CO2 per year by 2030 and about 100 million metric tons by 2040.

INEOS is involved in several projects to develop demand for hydrogen, replacing existing carbon-based sources of energy, feedstocks and fuel. It expects to develop further partnerships with leading organisations involved in the development of new applications.

The company has also pledged to reduce its carbon footprint and achieve net-zero emissions by 2050.