World News
Singapore LNG Terminal to Start Operations
Singapore's new liquefied natural gas (LNG) importer, Singapore LNG Corp. (SLNG), will start operations this quarter after a spot cargo shipment was received from Qatar, Bloomberg reports.
"The first commissioning LNG cargo arrived at the Singapore LNG terminal on March 27, 2013," said company spokesman Simon Ang.
"This LNG cargo will be used to cool down and commission the LNG terminal, to get it ready for full and continuous operations by the second quarter of 2013."
Singapore has no long-term supply contract with Qatar, which according to International Gas Union (IGU) figures is the world's largest exporter of LNG, however The Energy Market Authority, Singapore's regulator, agreed in 2008 to a 10-year supply agreement with UK-based international producer BG Group Plc. (BG).
The Jurong Island SLNG terminal is the first of its kind for the country, which has previously said it wants to become an LNG hub for the region.
When the terminal starts operating, SLNG said it will have a throughput capacity of 3.5 million metric tonnes per annum (mtpa), which will expand to 6 mtpa by early 2014, before eventually adding an extra tank that will bring the capacity to 9 mtpa.
Singapore plans to start supplying LNG bunkers by 2015.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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