Tristar Group, the global integrated energy logistics company headquartered in Dubai, has signed a four-year contract with BP to provide liquefied natural gas (LNG) shipping services for a value of $24 million.

The four-year deal will cover a variety of LNG shipping services comprising trading and delivery capacity worldwide, the company said in a statement.

The deal with BP, follows the recent addition to the Dubai-based company’s shipping fleet of its first LNG tanker, the Tristar Ruby (formerly known as the British Ruby). The vessel was built by Hyundai Heavy Industries in 2008 and has a cargo carriage capacity of 155,000 cubic metres and will be technically managed by Wilhelmsen Ship Management and commercially operated by Tristar.

Tristar is a subsidiary of Agility Public Warehouse Company. Agility has a 62.12 percent stake in Tristar.

“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,” Eugene Mayne, Group CEO of Tristar, said.

(Writing by Gerard Aoun; Editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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