INEOS Europe and Pacific Gas (Hong Kong) Holdings Co., Ltd, have signed long-term time charter agreements for four 99,000 cbm (cubic metre) VLECs (Very Large Ethane Carriers).

The deal will bring INEOS’ ethane fleet to 16 vessels, with eight VLEC and eight Dragon class ethane carriers. With these agreements, INEOS will have a total of six VLECs under time charter with Pacific Gas.

David Thompson, CEO, INEOS Trading & Shipping said, “Earlier this year, INEOS and Pacific Gas launched the two largest VLECs in the world: the Pacific INEOS Belstaff, and the Pacific INEOS Grenadier. Today’s signing marks the next stage of our cooperation with Pacific Gas, and we look forward to working with them and the other valuable stakeholders in this exciting project.”

Chairman Jiang Guodong said, “This cooperation benefits from the mutual trust and support of all parties in the project. All parties will take this opportunity to work together and complement each other's advantages to create a new win-win cooperation in future.”

The signing of the long-term time charter agreements for four 99,000 cubic meter VLEC vessels will take Pacific Gas’ ethane carrying capacity to the largest in the world.

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, and staying ahead of evolving regulations and legislation. As part of its greenhouse gas emission reduction strategy, there is a widespread goal to move to a more circular economy, in which materials are re-used to their maximum extent.

Pacific Gas (Hong Kong) Holdings Limited provides integrated and competitive shipping services for a full range of clean energy and derivatives in the international market. The company has developed into a global leading facilitator and arranger by establishment of its oceangoing shipping platform, providing diversified shipping service for Methane (LNG), Ethane, Propane and Butane (LPG), and various petrochemical gas products including Ethylene, Propylene, Butadiene, etc.