Companies to develop LNG bunkering in Singapore
Singapore’s Pavilion Energy and oil major ExxonMobil will team up to develop LNG bunkering solutions for Singapore, the world’s largest bunkering port.
Seah Moon Ming, chief executive of Pavilion Energy, said both companies will also look into developing downstream projects of processing, selling and distribution of the clean gas, local media and MANA correspondent reported.
Seah added that the collaboration will help to fine-tune LNG bunkering procedures for the city-state, as well as to raise safety and operational standards.
The port of Singapore will commence LNG bunkering pilot programme in 2017 as the platform to test the LNG bunkering procedures, as part of the country’s move towards clean shipping.
Seah told reporters that the industry, amid challenging operating environment, is seeing a “rebalancing” led by low oil prices.
“One such development is a shift in balance from long-term agreements to more spot or short-term deals being done. Buyers are also looking for more flexibility, with respect to LNG prices and destinations,” he was quoted saying.