Pavilion Energy Pte Ltd and Singapore LNG Corp. Pte Ltd (SLNG) have further strengthened their cooperation through the signing of a five-year agreement for LNG storage and reload services at the SLNG Terminal on Jurong Island. This is the first of such an agreement signed for a term longer than two years, following a competitive bid process.
Under the agreement, Pavilion Energy will have access to tank capacity of 180 000 m3 on a segregated basis at the SLNG Terminal over the next five years. Such capacity will support a higher volume of LNG trading activities, including LNG breakbulk and vessel cool-down services. The contract’s longer tenure allows Pavilion Energy greater flexibility in managing its LNG portfolio, market fluctuations and demand dynamics.
“Pavilion Energy is pleased to renew the partnership with SLNG. Tank capacity in Singapore presents greater opportunities for LNG optimisation and trading in the Asia-Pacific Basin. It complements well our LNG/gas trading activities in the Atlantic Basin,” said Frédéric H. Barnaud, Group CEO of Pavilion Energy, “Pavilion Energy has held true to our commitment to facilitate wide access to the SLNG Terminal, contributing to the vibrancy of Singapore’s LNG market.”
Tan Soo Koong, CEO of SLNG said, “SLNG is happy to extend our cooperation with Pavilion Energy through this longer term Storage and Reload Services agreement. SLNG has taken bold steps to develop infrastructure and create new service offerings to meet the needs of the industry, and we will continue to do so. We are primed to play our part in helping Singapore achieve its ambition of becoming an LNG hub, through catalysing LNG-related businesses such as LNG Trading, Small-Scale LNG Distribution, LNG Bunkering, and more.”
Global LNG trade continues to grow, with import volumes reaching 313 million t in 2018 and spot trades making up a quarter of those volumes. In 2018, Singapore ranked second worldwide in terms of LNG re-export volumes, and Pavilion Energy has been one of the key contributors to the total volume re-exported out of Singapore. Given its strategic geographic position along key shipping routes and being home to over 40 LNG companies, Singapore is well-positioned to become one of the leading LNG hubs in the region.
Read the article online at: https://www.tanksterminals.com/terminals/10032020/pavilion-energy-and-slng-sign-lng-agreement/