Singapore to Build Second LNG Terminal

MarineLink.com
Tuesday, February 25, 2014
Singapore Prime Minister Lee Hsien Loong

Reuters - Singapore plans to build a second terminal for liquefied natural gas (LNG), as it aims to create a regional trading hub for the fuel, Prime Minister Lee Hsien Loong said on Tuesday.

The city-state - located strategically on the main shipping route between Europe and Asia - started commercial operations of its first LNG terminal in May last year with an initial capacity of 3.5 million metric tons per year (tpy).

A new storage tank that increases the capacity to 6 million tpy was officially opened on Tuesday. The terminal's capacity will be increased to 9 million tpy in 2017, while another 6 million tpy can be added at the site, Lee said at the opening.

"But that is the limit because of land constraints, hence we will also build a second LNG terminal," he said, adding that potential sites in eastern Singapore are being studied.

The new terminal will also support industrial sites and power plants, the prime minister said.

Singapore aims to position itself as an LNG trading hub for Asia as it is located between producers such as Indonesia, Malaysia and Australia, and countries with growing demand such as China, India and Thailand.

Several global players, such as GDF Suez, BP and Statoil, have already set up LNG trading desks in the city-state over the last several years.

(Reporting By Jacob Gronholt-Pedersen; Editing by Pravin Char)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MOL Enhances CSW Service between Asia and East Coast South America

Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda) today announced the enhancement of its Asia and East Coast South America trade by merging existing

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

LNG

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Aqualis Offshore Lands Study Job for LNG Barge

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, has been contracted by Gas Entec Co. Ltd to provide an engineering

News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0949 sec (11 req/sec)