Keppel makes first LNG cargo import from North America under spot import policy

A Keppel Corporation logo pictured at one of their properties in Singapore, on Jan 12, 2016.
A Keppel Corporation logo pictured at one of their properties in Singapore, on Jan 12, 2016.PHOTO: REUTERS

SINGAPORE - Keppel Infrastructure Holdings' wholly owned subsidiary Keppel Gas has completed its first liquefied natural gas (LNG) cargo import under Singapore's spot import policy, which allows gas customers in the Republic to import up to 10 per cent of their annual long-term contracted LNG intake on a spot cargo basis.

The 160,000 cubic metre spot cargo originated from an LNG liquefaction project in North America, making it the first time that Keppel Gas - an importer, shipper and retailer of natural gas in Singapore's liberalised gas market - diversified its supply portfolio beyond South-east Asia, Keppel Corp said on Monday (April 15).

The cargo reached the Republic last Wednesday, and will be regasified as feedstock for downstream customers and end users over 30 days.

Keppel Gas's natural gas supply portfolio comprises long-term pipe natural gas and LNG contracts, and is supplemented from time to time with spot LNG imports.

The company said that the transaction will not have any material impact on the earnings per share and net tangible asset per share of Keppel Corp for the current financial year ending Dec 31, 2019.