Business News
Singapore begins construction on liquefied natural gas terminal
Mar 31, 2010, 9:12 GMT
Singapore - Singapore on Wednesday began building its first liquefied natural gas (LNG) terminal designed to import and re-export the fuel from multiple suppliers to regional markets.
The terminal, operated by government-formed Singapore LNG Corp, is to cost 1.5 billion Singapore dollars (1.07 billion US dollars) and was expected to be operational by 2013 within Singapore's industrial hub on Jurong Island.
It is part of Singapore's energy diversification programme announced in 2006.
'When fully operational, it will not only help meet Singapore's growing energy needs but also catalyse the development of a robust gas market to underpin our industrial growth,' S Iswaran, minister of state for trade, industry and education, said at the terminal's groundbreaking.
The English oil and gas company BG Group PLC is committed to supplying liquefied natural gas to Singapore, initially from Trinidad and Egypt and later from its coal-seam gas fields in Queensland, Australia, when that project begins production in 2014, Iswaran said.
Six Singapore power plants have contracts to take 1.5 million tons of the fuel per year from the terminal.
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