Asia/Pacific News
Singapore's MPA Funding for LNG Vessels Now Open to Applicants
The Maritime and Port Authority of Singapore (MPA) Wednesday announced that local companies seeking funding to construct Singapore-based vessels powered by Liquefied Natural Gas (LNG) can now apply for some of the S$12 million ($8.4 million) in incentives being offered through MPA's Maritime Innovation & Technology (MINT) Fund.
This precedes the 2017 launch of the LNG Bunkering Pilot Programme (LBPP), which is intended to develop Singapore as a key Asian LNG bunkering hub and was first announced by Lui Tuck Yew, Singapore's Transport Minister, in October of 2014.
The MPA will provide funding of up to $2 million per vessel, capped at two successful applications per company, for up to six LNG fuelled vessels flagged under the Singapore Registry or licensed for activity in Port of Singapore for a period of at least five years.
According to Liu, these vessels will be part of a pilot program "that will help us in the testing of safety procedure and standards here in Singapore."
This comes on the heels of the MPA in July announcing its first Request for Proposal for interested parties to apply for LNG bunker supplier licences, which would allow license holders to supply LNG bunkers to vessels in the Port of Singapore.
