Singapore oil and gas report Q1 2013
Friday, Jan 04, 2013
Research and Markets (http://www.researchandmarkets.com/research/pw5sj6/singapore_oil_and) has announced the addition of the "Singapore Oil and Gas Report Q1 2013" report to their offering.
“Singapore Oil and Gas Report Q1 2013”
BMI View: Petrochemicals and refining remain the lifeblood of Singapore, with strong regional demand growth meaning there is potential for capacity expansion - although investment in countries such as China and Vietnam has led to increasingly fierce competition. Growing gas demand means liquefied natural gas (LNG) imports are needed to augment pipeline volumes from Indonesia and Malaysia.
The main trends and developments we highlight in the Singaporean Oil & Gas sector are:
- Singapore's first LNG import terminal, expected to be ready in Q213, will be expanded to ensure it can meet all of the island-state's gas demand, raising the possibility that existing pipeline gas supply contracts with Malaysia and Indonesia may not be renewed.
- Singapore imports all of its natural gas, which is mainly used for power generation and petrochemical production, exclusively via pipelines. In 2011, Singapore consumed an estimated 8.8bn cubic metres (bcm) of gas - a rise of almost 500% since 2000.
- Singapore has been experiencing steady growth in demand for oil, tracking both the local and regional economy. Throughput in Singapore's refining system should rise in line with regional demand. Beyond 2012, annual oil demand growth is likely to average 2.5-3.0% through to 2021.
Source: Business Wire
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