More than 45 companies with LNG businesses in Singapore

Several energy firms are setting up dedicated gas trading desks in Singapore as they try to capture the fast growing liquefied natural gas market (LNG) in Asia.

As of September, Singapore has over 45 companies with an LNG trading or business development presence here, Enterprise Singapore told Reuters on Monday. This is up from the nearly 40 companies set up in the city-state in May this year, according to local media.

“We are looking to develop Singapore’s LNG industry further, as LNG becomes a more important component of Asia’s energy mix,” Enterprise Singapore told Reuters in an emailed statement on Monday.

Singapore has been expanding its LNG infrastructure by increasing storage capacity and also adding capabilities to bulk-break cargoes, an Enterprise Singapore spokeswoman said.

“As such, increasing numbers of energy traders in Singapore have begun expanding into LNG,” she added.

Asia’s appetite for the super-chilled fuel, led by China, is expected to grow rapidly over the next few years, attracting investment and triggering new LNG trading desks opening globally.

A recent push for more transparency in the sector has boosted spot trades of Asian LNG. Singapore, which is the Asian oil trading hub, is seen as a natural hub for LNG especially for companies that already have a presence in the city-state and are looking to expand into LNG.

Source: Reuters
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