Singapore plans 4th storage tank for LNG terminal
Singapore plans to build a fourth storage tank for its liquefied natural gas (LNG) terminal by 2016-17, taking the total storage capacity to 9 million tonnes per annum, S. Iswaran, Second Minister for Trade and Industry told a conference on Wednesday, Reuters reports.
The first two tanks of the terminal with a total capacity of 3.5 million tonnes are expected to come online by the second quarter of 2013, while the third tank will be ready by the end of the year, he told the Gas Asia Summit in Singapore.
The three tanks will have a total capacity of 6 million tonnes per annum, Iswaran said. The facility is designed to allow for up to six tanks.
Singapore LNG will focus on front end engineering and design for the S$500 million ($410 million) fourth tank in the next six to 12 months and is not ruling out the possibility of a fifth tank or second terminal, Iswaran said.
Singapore power companies have already agreed to purchase 2.7 million tonnes per year from Singapore LNG.
Singapore has been trying to position itself as an LNG trading hub for Asia as it is located in between producers such as Indonesia, Malaysia and Australia, and countries with growing demand such as China and India.
Several global players have already set up LNG trading desks in the city-state in the last four years.
Britain's BG Group is the marketer of the LNG imported to the terminal.
