Singapore will introduce a Competitive Licensing Framework (CLF) to appoint new LNG importers to meet our domestic gas needs beyond BG Singapore Gas Marketing Pte Ltd's (BG) 3 million tonnes per annum (Mtpa) franchise.
In addition, there are plans by SLNG to grow the gas market here and support other gas-related businesses. These were shared by Minister S Iswaran at the LNG Supplies for Asian Markets Conference (LNGA) on 25 February 2014, when he delivered the opening Ministerial Address.
The LNGA is an annual event for dialogue focusing on the global LNG markets and their impact to Asia. The theme of this year's conference was "Rising Demand for LNG vs Consumer Price Resistance: Can there be a Compromise?"
EMA issued the final determination paper for the Post-3Mtpa LNG Import Framework on 28 February 2014, outlining the details of the CLF. EMA will also launch a two-stage Request-for-Proposal in June 2014, to invite companies to submit proposals to supply Singapore's next tranche of LNG.
Under the CLF, Singapore will award LNG import licences on a tranche-by-tranche basis to meet our growing demand. This will allow us to respond flexibly to changing domestic needs and opportunities arising from global market trends.
On the infrastructure front, Singapore will invest in a fourth LNG tank and additional regasification equipment to increase the LNG Terminal's throughput capacity to at least 9 Mtpa by 2017.
Mr Chee Hong Tat, Chief Executive of EMA, also participated in a panel discussion at the same event on the topic, "Future of LNG in Singapore – What's Next". Mr Chee said that the desired outcomes for Singapore's gas market would include a diversified portfolio of gas supplies, robust gas infrastructure, and a competitive and dynamic gas market.