Singapore LNG Market to Grow
The market for LNG in Singapore is projected to grow at a CAGR 10.39% during 2016-2025, due to the push from Singapore government towards adoption of cleaner energy sources, capacity addition of natural gas / LNG based power plants and emergence of Singapore as a regional trading hub for LNG in Asia-Pacific.
According to MANA, Growing demand from power generation sector, favorable LNG prices and government initiatives to setup Singapore as LNG hub is expected to drive Singapore LNG market," says the report by TechSci Research.
Pavilion Energy, a wholly owned subsidiary of Pavilion Gas Pte Ltd. inked an agreement with BP (BP) in 2016, under which the British company would supply around 0.4 million tonnes per year of LNG for 20 years from 2019, thereby increasing the supply of LNG in the country.
“On the back of its strategic geographical location, Government of Singapore is planning to establish the country as trading hub for LNG in Asia-Pacific, so that it can serve all major demand centres for LNG in the region such as China, India and Thailand.