Singapore built the second liquefied gas port

Singapore is conducting a research project to build the second natural gas liquefied gas (LNG) port with a capacity of 9 million tons annually.

Spokesman of the Ministry of Commerce and Industry of Singapore recently affirmed that to become Asia's leading LNG trading center, "Lion Island" needs to build a second port with investment of up to 2 billion. USD.

Singapore is trying to assert its position as an LNG transaction center in Asia because Singapore is centrally located among producers such as Malaysia, Indonesia, Australia, and other countries and territories that need it. Increasing demand for LNG such as Japan, South Korea and Taiwan - the backbone of the global LNG market, as well as China and India. The current problem is the location to build the second port, certainly not on Jurong Island with the first port to limit the risk of security and accidents.

The first LNG port was built on Jurong artificial island in southwestern Singapore with a total investment of up to 1.7 billion USD. In August 2006, Singapore announced plans to build LNG port to import LNG to meet domestic demand and processing and re-export to Asian countries, which consume more than 80% of global LNG.

Prior to the inauguration of the first LNG port, Singapore had to rely on natural gas supplies from Malaysia and Indonesia, under a contract that lasted until 2023.

Currently, the first two ports in the port are capable of handling 3.5 million tons of gas per year and start operating officially from May 5/2013. The annual capacity of the port will be raised to 6 million tons when the third tank is put into use by the end of this year, and increased to 9 million tons in 2017 when the fourth tank is operational.

Singapore authorities said Singapore's LNG demand could increase to 3 million tons / year by 2015.

According to the International Energy Agency (IEA), two years from now, Asia will be the second largest gas market in the world and the region may have to suffer the highest LNG price until a business center LNG sales are built in the area.