Source: Singapore LNG Corp.
Singapore LNG Corporation Pte. Ltd. (SLNG) has awarded the contract for the engineering, procurement and construction (EPC) of the third Liquefied Natural Gas (LNG) storage tank at the Sinapore LNG terminal to Samsung C&T Corporation.
The third 188,000-cubic-meter LNG tank, in addition to the two similar sized tanks that are being built, will increase the terminal’s storage capacity to handle up to 6 million tonnes per annum (Mtpa) of throughput. Total LNG storage capacity at the terminal will increase to 540,000 cubic meters. This addition gives Singapore greater flexibility not just to meet its future gas needs, but also to pursue new business opportunities in the LNG market.
The third tank is also expected to catalyze new business opportunities that would allow LNG traders to store and re-export LNG cargoes.
“We had contemplated the need for a third tank at the time of the award of the initial EPC contract for the LNG terminal,” said Neil McGregor, CEO of SLNG. “Hence, we included an option in the initial EPC contract awarded to Samsung in February 2010 to build a third tank. SLNG is now exercising that option - a third tank will provide additional LNG storage capacity to meet the needs of a growing LNG Market in the region and as domestic demand increases in the coming years."
"The third tank is in line with our strategy to become a gateway for LNG in Asia," he added. "It positions SLNG with increased capability and standing in the evolving LNG market, to allow us to grow our business and to eventually become the natural gas hub for the region.”
Work on the LNG terminal including the first two tanks is progressing well. About 25 percent of the overall initial project has been completed, including about 10 percent of the works on site.
The third tank is expected to be completed by early 2014 after commissioning of the initial Terminal facilities.
Singapore LNG Corporation Pte. Ltd. is a company incorporated by the Energy Market Authority to own and develop Singapore’s first LNG import terminal.