LNG terminal in S'pore receives better-than-anticipated response [News]
By Toni Waterman, Channel NewsAsia, 25 Apr 2013.
The country’s first liquid natural gas (LNG) terminal is set to commence operations this quarter and before the doors are even open, demand is nearly outstripping supply.
At an industry event on Thursday, Second Minister for Trade and Industry S Iswaran said the Energy Market Authority will launch a second phase of industry consultation in May on a proposed LNG import framework for Singapore.
Singapore’s first LNG terminal will be operational in the next few months. The first tranche of gas will be brought in by BG Group, which won an exclusive franchise for up to 3 Mtpa (million tonnes per annum) or the year 2023, whichever is reached first.
Mr Iswaran said: “The take-up rate for LNG has been better than we had anticipated. Power generation companies and industries have committed to purchasing around 2.7 Mtpa of LNG. In other words, about 90 per cent of BG’s franchise has been spoken for. Therefore, even as our LNG terminal is poised to begin operations, we are at a juncture where we need to look beyond the first tranche of LNG supply.”
The LNG terminal will have an initial capacity of 3.5 million tonnes a year.
It will nearly double to 6 Mtpa by the end of the year when the third tank is completed.
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Source: Channel NewsAsia