Singapore seeks to become a trading hub for liquefied natural gas (LNG) and plans to build a third tank at its proposed LNG terminal in a bid to meet rising demand, chief executive of the energy regulator said on Tuesday.
Lawrence Wong, chief executive of the Energy Market Authority of Singapore also said its supply contract with Britain's BG (BG.L) would be increased to 2.0 million tonnes per year (tpy) from 1.5 million tpy.
"Demand will continue to grow not just from power generation companies, but also from industrial users that need gas as a feedstock," Wong said at an energy conference.
"We can potentially develop and grow as a centre for LNG trading in the region. There is considerable interest from companies to make use of the terminal for LNG trading," Wong added, referring to spot trading.
BG Group won a 20-year deal to supply LNG into Singapore in April. So far, it has found buyers for around 1.5 million tpy of gas in the power sector and was in talks with potential customers for the rest.
Wong had said in September that Singapore could lease out storage for trade at its upcoming LNG import terminal if demand in the city-state fails to absorb capacity for incoming shipments.
Singapore is building a $1.05 billion import facility for LNG -- gas chilled to its liquid form -- to help meet rising demand for the fuel from power and industry. Neighbours Malaysia and Indonesia supply Singapore with gas, but have no capacity to boost exports.
The first phase of the new facility was on track for completion in early 2013, Wong had said.
Lawrence Wong, chief executive of the Energy Market Authority of Singapore also said its supply contract with Britain's BG (BG.L) would be increased to 2.0 million tonnes per year (tpy) from 1.5 million tpy.
"Demand will continue to grow not just from power generation companies, but also from industrial users that need gas as a feedstock," Wong said at an energy conference.
"We can potentially develop and grow as a centre for LNG trading in the region. There is considerable interest from companies to make use of the terminal for LNG trading," Wong added, referring to spot trading.
BG Group won a 20-year deal to supply LNG into Singapore in April. So far, it has found buyers for around 1.5 million tpy of gas in the power sector and was in talks with potential customers for the rest.
Wong had said in September that Singapore could lease out storage for trade at its upcoming LNG import terminal if demand in the city-state fails to absorb capacity for incoming shipments.
Singapore is building a $1.05 billion import facility for LNG -- gas chilled to its liquid form -- to help meet rising demand for the fuel from power and industry. Neighbours Malaysia and Indonesia supply Singapore with gas, but have no capacity to boost exports.
The first phase of the new facility was on track for completion in early 2013, Wong had said.