Keppel and Shell will each hold a 50% stake in the new company, MANA correspondent reported.
The joint venture’s principal business activities will be to supply LNG bunkering operations services in Singapore to ships and any other marine vessels in the Singapore port and other related services.
In February, Qatargas and Royal Dutch Shell signed a memorandum of understanding to develop LNG bunker fuel for use by the world’s largest container shipping company, Maersk Line. In April, United Arab Shipping signed a similar agreement with Shell and Qatargas aimed at exploring the development of LNG as a marine fuel in the Middle East region.
The deal also comes as Singapore seeks to cement its position as the leading LNG bunkering hub in Asia. Last September, the Port of Singapore launched a LNG Bunkering Pilot Programme (LBPP) targeted for early 2017, as well as a $8.4 million fund for the building of LNG-fueled vessels.