Singapore to Centralize Gas Purchases to Boost Energy Security
(Bloomberg) -- Singapore will centralize natural gas purchases in a bid to improve the stability and security of its power sector.
The nation will aggregate demand from generating companies, which will create economies of scale and allow Singapore to negotiate more favorable gas contracting terms and procure fuel from diverse sources, Minister for Trade & Industry Gan Kim Yong said at the Singapore International Energy Week conference.
“This is a fundamental shift in our approach toward gas procurement,” he said. “We believe that this is necessary to create a more stable and secure power system that will ultimately benefit the consumers and also the gencos themselves.”
Singapore uses natural gas for 95% of its power generation, and has previously given LNG procurement to firms including Pavilion Energy Pte and Shell Plc. The Energy Market Authority will consult on the details of the plans in the coming months, Gan said.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news

bp begins production from Raven Phase 2, offshore Egypt

Diamondback Nears Permian Deal to Buy Shale Producer Double Eagle

Australia’s Iron Ore Hub Reopens, Rio Mines Resume After Cyclone

Australia’s Iron Ore Export Hub to Reopen After Cyclone Weakens

Severe Cyclone Makes Landfall Near Australia’s Iron Ore Hub

Gas Traders Leave Essen Hungry for More on German Storage Plans

AG&P Pratham and THINK Gas toast the merger of their two brands

Russia, Turkey Discuss Gas Swap to Pay for Nuclear Plant

India LNG Buyers Negotiate US Deals Before Modi-Trump Summit
