Asia/Pacific News
Western Australia Looks for Closer Collaboration with Singapore on LNG
Western Australia Premier Colin Barnett Saturday was said to be arriving in Singapore to push for collaboration on Liquefied Natural Gas (LNG) projects, The Straits Times reports.
"We are a small population with the world's biggest resource economy and can work with Singapore's position in Asia - its geography, its financial strength, and its marketing and entrepreneurial spirit," said Barnett, ahead of his four day visit to Singapore.
"Our relations are historically strong and we are physically close - it is a natural fit to do more together," he added.
According to the report, Western Australia is responsible for around half of Australia's exports, 70 percent of which go to China.
Australia currently produces some 15 million tonnes of LNG per year, around 6 percent of global supply, and this number could grow to 50 million tonnes by 2020.
Western Australia already has a strong trading relationship with Singapore, with annual trade both ways totalling around A$10 billion ($7.6 billion), but Barnett believes his state can work further with Singapore towards its aim of becoming a regional trading hub for LNG.
"If Singapore is going to develop as a trading point and storage point for LNG, it will need to access long-term supplies of gas," said Barnett.
The Australian Petroleum Production & Exploration Association has said the country is currently working on projects worth around A$180 billion ($136.8 billion), or 70 percent of the world's plants under construction, including Chevron's A$70 billion ($53.2 billion) investment in the Gorgon project off the country's north west coast.
In addition, Barnett is said to be aiming to increase collaboration aimed at growing Western Australia's agricultural production, saying Singapore could help identify niche products to be produced and marketed throughout Asia.
Barnett was due to meet Singapore Prime Minister Lee Hsien Loong during his visit.
Last week, Shell was said to be eyeing greater exposure to Australian LNG supplies as it bids for Energy rival BG Group.
