SINGAPORE - British oil and gas firm BG Group has moved the headquarters of its global liquefied natural gas (LNG) and oil marketing business to Singapore, from its head office in Britain, the company said on Monday.
As part of the move, the firm's president for global LNG and oil marketing Steve Hill has relocated to Singapore, where he will continue to lead the business and run the Singapore office.
"Asia is the world's largest market for LNG and where BG Group already sends the majority of its cargoes," said Mr Hill.
By moving the centre of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more of our existing customers and better positioned to develop new and deeper relationships in the region."
The company said the global natural gas market is set to grow at an average of 2.4 per cent a year to 2025, largely driven by growing demand from Asia. The global market for LNG is growing twice as fast, at about 5 per cent over the same period.
BG Group, which has supplied 25 of the 27 LNG importing countries around the world, has had an office here for over 15 years.
It said it expects a steep increase in its LNG supply as new projects, such as in Australia, begin producing.
In 2008, BG Group was appointed exclusive aggregator for Singapore's first 3 million tonnes per annum of LNG demand.
To date, it has supplied a variety of industrial customers, including six large scale power generation companies, via the Singapore LNG import terminal.
The company added that in early April, it set a record for the volume of regasified LNG scheduled over a 24 hour period. This demonstrates its rapid increase in LNG market share, it said.
The company announced last week that it will host Gastech 2015, one of the world's leading LNG and natural gas events, in Singapore in October 2015.