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Trafigura signs second storage agreement with Singapore LNG Corp

Gasoil News - Published on Wed, 20 Jun 2018

Image Source: ET
Reuters reported that commodities trader Trafigura has signed a second deal with Singapore LNG Corp, operator of the city-state's first liquefied natural gas (LNG) terminal, for storage and reload services, the two companies said. Under the agreement, which was signed on May 30, Trafigura will have access to 160,000 cubic metres of firm LNG storage capacity on a segregated basis for the next 24 months, they said in a joint statement.

It is the second such agreement that Trafigura has signed to use excess LNG storage capacity at SLNG's terminal on Jurong Island off western Singapore. The first deal was signed in 2015.

Through this deal and other services, "SLNG aims to facilitate more LNG trades and market plays out of Singapore, contributing to the development of Singapore as an LNG hub," SLNG chief executive John Ng said in an emailed statement.

Currently, the SLNG terminal has three 188,000-cubic metre storage tanks and a regasification capacity of around 6 million tonnes per year. A fourth storage tank, which will add around 260,000 cubic meters of storage capacity, will be ready this year.

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Posted By : Nanda Koijam on Wed, 20 Jun 2018
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