• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 4 hours Shale Oil will it self destruct?
  • 3 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 4 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 3 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 11 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 10 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 2 hours Germany exits coal: A model for Asia?
  • 12 hours Starlink Internet Courtesy of Tesla
  • 1 day Rising air pollution and green house effect
  • 1 day Oil Price Could Fall To $30 If Global Deal Not Extended
  • 13 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours A Silence is heard
  • 1 day U.S. Economic Expansion: Rich Get Richer
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Premium Content

BG Group Eyes Singapore as New LNG Trading Hub

UK-based BG Group is joining in the rush on Singapore as the company moves to relocate its global oil and gas-trading headquarters to the Asia’s largest emerging hub.

BG’s decision is based on its desire to be closer to some of its key business, including a 2008 contract to supply 3 million tons of liquefied national gas (LNG) annually for 10 years to Singapore beginning in 2013.

“By moving the center of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more of our existing customers and are better positioned to develop new and deeper relationships in the region,” Steve Hill, president for marketing oil and liquefied natural gas worldwide said in a statement.

Singapore is a fast-growing trading hub, with other major players such as Royal Dutch Shell, relocating their global headquarters in recent months and years.

Some 25 foreign LNG companies have set up trading operations in Singapore during the past six years as demand for natural gas in Asia skyrockets, with Japan and South Korea the top buyers.

Singapore opened its first LNG terminal on Jurong Island last year and is considering a second terminal on the city’s eastern side. The terminal cost around $1.4 billion to build.

The country has the only LNG terminal in Asia that can reload cargoes from storage, allowing traders to store gas during low-consumption periods before selling them during peak demand seasons. It is Southeast Asia’s largest receiving facility.

“Singapore will become a LNG trading hub within the next five to 10 years,” Seah Moon Ming, chairman of government trade promotion agency IE Singapore, was quoted as saying last week.

Asia accounts for 46% of global gas trade, according to the International Energy Agency (IEA), which cited Singapore as best-situated for LNG trading. Of the total of global LNG consumption last year alone, Asia accounted for 75%, according to the International Group of Liquefied Natural Gas Importers show.

By James Burgess of Oilprice.com




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play