While global LNG supply is predicted to grow by 150 million tonnes per annum in 2018, global LNG demand is slowing down, he noted.
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Gazprom Marketing and Trading Singapore (GM&TS) and Pavilion Gas signed an LNG Sale and Purchase Agreement effective for 10 years. “Whether it is upstream or downstream capability, transportation and storage or LNG trading, Pavilion Energy wants to take advantage of these shifts”, Mr Seah said. It will allow domestic gas price discovery that reflects Singapore’s demand and supply conditions. “Pavilion Energy is now focused on developing regional demand”. The company is engaged in LNG sales across Southeastern Asia, including Singapore.
The liquefied natural gas unit of Singapore’s state-owned Temasek Holdings Pte has also signed a memorandum of understanding with China Huadian Green Energy Pte to supply LNG from 2020 onward and a similar agreement with Japan’s Jera Co.to jointly procure and invest in LNG, he said at a conference in Singapore.
Mr Seah said Pavilion Energy is looking for industry stakeholders, particularly market makers and traders, to “get comfortable” with the SLInG and consider placing trades using it.
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Speaking at the opening of the Asia Clean Energy Summit on Tuesday (Oct 27), held during the Singapore global Energy Week, Minister for Trade and Industry (Industry) S Iswaran revealed that the Economic Development Board had secured five new investments across the fields of solar, fuel cells, smart grids and testing services in Singapore in 2015. “With a clearer price benchmarking, the region will benefit”, he added.
