UAE-based Tristar Group and BP have signed a US$24mn contract for liquefied natural gas LNG shipping services recently.

The four-year deal includes a variety of LNG shipping services comprising trading and delivery capacity worldwide, according to the integrated energy logistics company, headquartered in Dubai.

In a statement, 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.”

Tristar recently added its first LNG tanker to its shipping fleet. Called the Tristar Ruby, the vessel, built by Hyundai Heavy Industries in 2008, has a cargo capacity of 155, 000 cubic metres and is being technically managed by Wilhelmsen Ship Management and commercially operated by Tristar.

Tristar, a subsidiary of Agility Public Warehouse Company, which is a 62.12 per cent stakeholder, in January acquired more than 11,000sqm of logistic land in the Port of Duqm in the neighbouring Sultanate of Oman. The land will house a 3,048sqm warehouse with a capacity of 5,000 pallet position and an open yard for future expansion. The logistics warehouse project will offer 3PL and 4PL services.