SINGAPORE, May 7 — Singapore has reportedly launched a new government-owned entity, Singapore GasCo, to centralise natural gas procurement and supply.
According to Channel News Asia (CNA), the Energy Market Authority (EMA) and GasCo said the establishment of the new agency would help secure better gas contracting terms, ensure stable supply and prices, and enable sourcing from diverse suppliers through longer-term contracts.
It will “reap economies of scale and negotiate for more favourable gas contracting terms,” the agencies reportedly said.
According to government-run portal SG101, Singapore relies on natural gas for about 95 per cent of its electricity, mostly imported from Malaysia and Indonesia, with several existing supply contracts expiring between 2018 and 2029,
“As we push ahead with Singapore’s energy transition towards net-zero by 2050, natural gas will continue to play a crucial role in safeguarding our energy security and supporting an orderly transition,” EMA and GasCo were quoted as saying.
Alan Heng, former Pavilion Energy group chief executive, has reportedly been appointed GasCo’s CEO, bringing over 37 years of energy sector experience.