SK Gas Inaugurates LPG Facility in Singapore

SK Gas has completed the LPG tank terminal at Banyan terminal at Singapore's Jurong Island, the South Korean company announced on Wednesday.

The terminal has been built in partnership with Koninklijke Vopak NV, a global leading gas terminal operator which deals with petroleum, gas and chemical products, Business Korea, a financial news portal, reported.

SK Gas holds a 20 percent stake in the joint venture, which was established to construct the tank terminal through its subsidiary SK Gas International (SKGI), and the remaining 80 percent is held by Vopak Terminals Singapore. The facility can store 40,000 tonne of LPG. Construction began in May 2014 and took two years to complete.

According to SK Gas, the global LPG production is on the rise due to the shale gas boom based on North America, Business Korea reported.

The project was actively supported by the Singaporean government. SK Gas plans to supply more than 100,000 tons of LPG annually to the Singaporean petrochemical companies through the facility by securing the rights of user.