Singapore's LNG Consumption to Hit 3 mt by 2015

Singapore’s LNG consumption is likely to hit 3 million metric tons by 2015, Steve Hill, BG Group’s vice president of global LNG and oil marketing, said at a conference in the city-state, Bloomberg reported.

In another report Reuerts, citing S Iswaran, Second Minister for Trade and Industry, said the country plans to build a fourth storage tank for its liquefied natural gas (LNG) terminal by 2016-17, part of a plan to raise the facility's processing capacity to 9 million tonnes per annum.

The first two tanks of the terminal will come online in the second quarter of 2013, in conjunction with an initial terminal capacity of 3.5 million tonnes a year, he said at the Gas Asia Summit.

A third tank will be ready by the end of the year, helping to lift processing capacity to 6 million tonnes per year, he said. The facility is designed to allow for up to six tanks.

The fourth tank will cost about $500 million, he added.