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SLNG’s vision is to develop and build up Singapore’s position as a centre for LNG and gas trading in Asia. Singapore’s excellent geographical position between LNG demand centres in North-East Asia and LNG supply sources in South-East Asia, the Middle East and Australia, offers SLNG a key competitive advantage.
The Government of Singapore has introduced a five percent concessionary corporate tax rate for LNG trading income with the intent to help catalyse the development of an LNG trading hub in Singapore. This has seen many LNG industry players who have established LNG trading desks in Singapore expressing a keen interest to use the LNG terminal’s capacity for storage and reloading of LNG when the LNG terminal starts operations in 2013.
Beyond the core business of Throughput Services, SLNG may offer LNG Storage and Reloading Services where LNG industry players could contract with SLNG to unload LNG cargoes and temporarily store LNG in the terminal’s tanks, before reloading that LNG back onto another LNG vessel at a later date. SLNG will have the capacity to offer Storage and Reloading Services shortly after the terminal commences operations in 2013 and these may be offered on a short, medium or long-term basis.
SLNG also intends to offer LNG vessel Cooldown Services which would allow LNG vessel operators to berth an LNG vessel at the LNG terminal and cool down the warm cargo tanks of the LNG vessel with a small quantity of LNG from the terminal to allow the vessel to proceed to its loading port (at an LNG liquefaction facility) in a cold condition and ready to be immediately loaded. LNG vessels that may have been in dry dock for servicing in one of Singapore’s shipyards, or vessels which are completely emptied at their previous discharge port may find it convenient to be cooled down in Singapore on their return voyage to their loading port.
SLNG is also looking at enhancing its LNG terminal operations to offer integrated and innovative solutions to industries on Jurong Island. For example, the “cold energy” from the LNG can be used to cool air and separate it into its components of oxygen and nitrogen, which companies could utilise as part of their industrial processes. There is also potential to leverage on the infrastructure of the LNG terminal, its expertise and its location to offer LPG (liquefied petroleum gas or propane and butane) import and storage services, to bring in LPG feedstock needed by chemical industries and oil refineries based on Jurong Island. SLNG is also exploring the possibility of setting up satellite LNG distribution hubs in different parts of Singapore.
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