The Energy Market Authority (EMA) has signed a Memorandum of Understanding (MoU) with PetroChina International Company Limited (PetroChina) to collaborate on Liquefied Natural Gas (LNG) supply and management.
The MoU was signed in Shanghai on 7 November by Soh Sai Bor, Assistant Chief Executive, EMA, and Wang Haiyan, Vice President, PetroChina.
Under the MoU, EMA and PetroChina will explore collaboration opportunities to strengthen each other’s LNG supply chains, promote knowledge exchange regarding market dynamics, LNG supply and demand fundamentals, as well as evaluate joint procurement opportunities.
EMA and PetroChina will also study cooperation opportunities to support growing Singapore as Asian LNG Hub, gas-to-power and other sustainable development solutions for mutual benefits.
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“Singapore aims to achieve net zero emissions by 2050,” said Soh Sai Bor.
“While we explore various lower carbon energy sources, natural gas will continue to play a crucial role in safeguarding our energy security.
“Our partnership with PetroChina will enhance our knowledge and expertise in the management and procurement of LNG supply, and also bring benefits to both parties through joint LNG procurement to secure better contract terms and pricing.”
