Singapore Centralizes 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.
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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.
LNG spot market news:
KUFPEC Australia, a unit of Kuwait Foreign Petroleum Exploration Co., offers an LNG cargo for Dec. 20-23 loading from Australia’s Wheatstone project
Algeria’s Sonatrach plans to offer to sell an LNG cargo for Oct. 29-30 loading
Eni SpA signed a 27-year liquefied natural gas deal with QatarEnergy, marking the Gulf nation’s third major contract with a European firm this month
Eesti Gaas, a private energy company serving the Baltic region and Finland, will bring an additional LNG cargo from the US in the second half of November to meet Finland’s gas demand
Japanese power producer Jera Co. and Kyushu Electric Power Co. signed a memorandum of understanding to collaborate on development of renewable energy, hydrogen and ammonia supply chain and fuel supply cooperation
Buy tenders:
Sell tenders:
(Updates with LNG spot market details from fifth paragraph.)
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