By CHOU HUI HONG
Singapores political neutrality and English-speaking
workforce will help the city-state become an Asian hub for
LNG trading, according to the government.
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, said in an
interview on April 2.
Singapores location, financial system and common law
system will also boost its chances of becoming a regional
center, he said.
Singapore, Asias oil-trading center, has already
spent S$1.7 billion ($1.4 billion) on its first LNG terminal.
Asia has overtaken Europe
as the worlds biggest
gas importer, accounting for 46% of global trade, according
to the International Energy Agency, which cites Singapore as
best-placed to be the hub for liquefied natural gas.
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 Asias largest receiving
facility, with a capacity of 6 million tpy.