Thursday, 27 February 2014 22:26

Singapore plans 2nd LNG terminal

299 Singapore

On the formal opening this week of Singapore’s first LNG terminal, the government has announced plans to build a second LNG receiving terminal as it steps on the ‘gas” to become Asia’s LNG trading hub. Singapore imported its first LNG cargo in March 2013 (picture above) and progressive expansion will raise capacity to  9 million tons a year by 2017. Spot LNG prices for Northeast Asia are currently trading near a record high at $19.60 per million British thermal units (BTU). Approximately 90% of Singapore’s electricity needs is derived from natural gas.

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