SINGAPORE: Government-owned Singapore GasCo will seek liquefied natural gas (LNG) offers in the first quarter of 2026 to meet the supply gap in the city-state, which relies on gas to generate 95% of its electricity, from 2028 onwards.
Singapore GasCo CEO Alan Heng told Reuters that while existing contracts will cover Singapore’s gas demand for the next two years, the supply gap would ramp up “quite significantly” from 2028 to 2029, reaching around 3 million metric tonnes and 6 million tonnes in 2035.
The Energy Market Authority announced the company’s establishment in May to centralise the procurement and supply of natural gas to Singapore’s power sector after prices of LNG spiked amid the war between Ukraine and Russia.
Mr Heng said price and supply reliability, as well as contractual flexibility, will be primarily considered in evaluating new offers.
Meanwhile, he noted that buyers will continue managing existing contracts, with most piped gas deals ending by 2028 and LNG from 2028 to 2032.
The company CEO also mentioned doubling its headcount by next year from having only 25 staff currently. /TISG
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