Singapore conducting LNG stockpile race

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Horizon_terminal
LNG terminal at Singapore’s Jurong Island

Singapore’s Energy Market Authority (EMA), a unit of Temasek Holdings, is competing with Exxon and Royal Dutch Shell to stockpile LNG, Bloomberg has reported.

Temasek Holdings, Singapore’s state-owned investment arm, is openly receiving bids to fill up a 9 million metric-ton LNG terminal, a capacity that is three times Singapore’s annual consumption. The stocked energy supply will allow Singapore to offer last-minute deliveries to countries in the region looking to migrate away from reliance on long-term oil contracts.

Singapore’s sole LNG terminal, which began commercial operations in May on Jurong Island, is formerly monopolised by EMA. Exxon and Shell were set subsequently up by Tamesek in April, bringing more competition into the LNG trade.

Singapore is Asia’s only oil-trading center, a position it now appears to be leveraging to play a larger role as a formidable energy hub, challenging Shanghai and Bangkok.

Currently the city-state’s sole supplier of LNG, UK-based BS Group was awarded a supplier license in 2008, and LNG buyers have to work with them to make purchases.

The contenders will work within Singapore’s competitive licensing framework to build Asia’s largest reserve of gas that isn’t committed to a specific buyer or contract, Bloomberg reported.

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Reading Time: 1 minute

LNG terminal at Singapore’s Jurong Island

Singapore’s Energy Market Authority (EMA), a unit of Temasek Holdings, is competing with Exxon and Royal Dutch Shell to stockpile LNG, Bloomberg has reported.

Reading Time: 1 minute

Horizon_terminal
LNG terminal at Singapore’s Jurong Island

Singapore’s Energy Market Authority (EMA), a unit of Temasek Holdings, is competing with Exxon and Royal Dutch Shell to stockpile LNG, Bloomberg has reported.

Temasek Holdings, Singapore’s state-owned investment arm, is openly receiving bids to fill up a 9 million metric-ton LNG terminal, a capacity that is three times Singapore’s annual consumption. The stocked energy supply will allow Singapore to offer last-minute deliveries to countries in the region looking to migrate away from reliance on long-term oil contracts.

Singapore’s sole LNG terminal, which began commercial operations in May on Jurong Island, is formerly monopolised by EMA. Exxon and Shell were set subsequently up by Tamesek in April, bringing more competition into the LNG trade.

Singapore is Asia’s only oil-trading center, a position it now appears to be leveraging to play a larger role as a formidable energy hub, challenging Shanghai and Bangkok.

Currently the city-state’s sole supplier of LNG, UK-based BS Group was awarded a supplier license in 2008, and LNG buyers have to work with them to make purchases.

The contenders will work within Singapore’s competitive licensing framework to build Asia’s largest reserve of gas that isn’t committed to a specific buyer or contract, Bloomberg reported.

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