LogIn LogOut

Trafigura Signs Second Storage Deal with Singapore LNG Corp

June 19, 2018

(Photo: Singapore LNG Corp)
(Photo: Singapore LNG Corp)

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 on Monday.

Under the agreement, which was signed on May 30, Trafigura will have access to 160,000 cubic meters 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.

The SLNG terminal currently 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.

Trafigura has been active in LNG trading and last week placed the first transparent bid in commodities price agency S&P Global Platts' pricing process.

Trafigura's head of LNG Hadi Hallouche recently moved to Singapore after being appointed as the company's head of oil in Asia, in addition to overseeing its gas business globally,

Trafigura increased its traded volumes of LNG by 27 percent to 8.1 million tonnes in 2017 after expanding its trading desk, aided by sharp Asian demand growth.

(Reporting by Jessica Jaganathan; editing by Richard Pullin)



Current News

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com