Singapore offers liquefied natural gas (LNG) traders a strategic location, infrastructure and a trading ecosystem that can help them unlock regional business, said Senior Minister of State for Trade and Industry and National Development Koh Poh Koon.
He added that LNG use is growing in South-east Asia, while environmentally-driven policies like sulphur caps on marine fuel could add demand from shippers as bunkering fuel.
Mr Koh, who was speaking at a ceremony on Saturday to mark the inaugural arrival of LNG cargo for Pavilion Energy, said conditions are primed for Singapore to take advantage of these trends.
Infrastructure is being created to support the sector.
LNG terminal operator Singapore LNG is due to complete its fourth storage tank - the world's largest - around June and will soon call for proposals to use its spare terminal capacity. Singapore LNG is also modifying its jetty to take vessels as small as 2,000 cubic m by next year to meet regional demand for smaller scale volumes.
The Energy Market Authority has enabled spot pricing for LNG buyers to enhance Singapore's development as a trading hub.