Trafigura, Singapore LNG Sign Storage Agreement
By Aiswarya Lakshmi
Tuesday, June 23, 2015
The Singapore SLNG Corporation and Commodities trading firm Trafigura have signed a storage agreement for the excess capacity within the Singapore LNG terminal on Jurong Island.
John Ng, CEO at SLNG, operator of the country's first LNG terminal, says: "SLNG is very pleased to off our storage and reload services to multinational commodity trading house, Trafigura. This agreement will not only allow our company to better optimize the use of the spare capacity at our terminal, it is also a step forward in facilitating LNG trading out of Singapore."
The company said earlier in the year that it had more than 180,000 m3 of storage available until the end of the year.
The amount of capacity leased was not revealed. Hadi Hallouche, head of LNG at Trafigura adds: 'We are proud to have been selected by SLNG for this term storage agreement which further enhances Trafigura's ties with the state of Singapore and will help us demonstrate our commitment to security of supply for our Asian customers.'
Singapore has invested millions of dollars in SLNG as it wants to be the LNG trading hub for Asia.