Asia/Pacific News
Singapore "Well Positioned" to Be Asia's LNG Hub
Singapore has stepped up its liquefied natural gas (LNG) aspirations and the country's Energy Market Authority is looking for a consultant to study the possibility of building the nation's second LNG terminal, the Southeast Asian newspaper Business Times reports.
The tender issued by the Authority comes just days after Teo Eng Cheong, CEO of the Singapore government agency International Enterprise Singapore (IE) told an audience at Asia Pacific Summit of the World LNG Series that Singapore is "well positioned to become Asia's LNG Hub."
"As you all know, Singapore is already an energy trading hub," he said. "In recent years, we have seen the emergence of LNG globally.
"We believe that there are good reasons why LNG is on the verge of some exciting new developments."
Eng Cheong said one area with potential for the city-state is LNG bunkering, due to its status as the world's top bunkering port and the increasing focus on clean energy within the shipping industry.
He also said Singapore has gone from having no significant LNG players five years ago to now having 14 companies with LNG trading or marketing desks in the nation, including BG Group, BP, Gazprom, and Shell.
Eng Cheong said LNG market growth in Asia is being driven by factors including growing economies, new technologies for the development of LNG, and potential changes to pricing mechanisms that could make the fuel more attractive on the continent.
Singapore LNG Corporation Pte Ltd (SLNG) recently announced that it would expand the capacity of the nation's first liquefied natural gas (LNG) regasification terminal on Jurong Island, which is scheduled to open next year, from 6 million tonnes per annum (mtpa) to 9 mtpa with the construction of a fourth tank.
Maritime and Port Authority of Singapore (MPA) says it will start supplying liquefied natural gas (LNG) as a marine fuel by 2015 and finalised requirements for suppliers are expected in the first quarter of 2013.
