LEADING GLOBAL AND REGIONAL GAS PLAYERS GATHERED FOR THE GAS ASIA SUMMIT 2014
SINGAPORE, Thursday 30 October – Leading global and regional gas players gathered for the Gas Asia Summit on Wednesday 29 October as part of the Singapore International Energy Week (SIEW) at the Marina Bay Sands Expo and Convention Centre. The 2nd day of the conference continues today, bringing together over 35 leading industry expert practitioners to address the current and future dynamics of trade in Asia, gas in the dynamics with other fossil fuels, new supply markets and buyers as well as gas infrastructure developments in the region.
The conference kicked off yesterday morning with a keynote address by Minister S Iswaran, Minister in the Prime Minister’s Office and Second Minister for Home Affairs and Minister for Trade and Industry who spoke on the global gas market developments, Asia’s search for options, imports into Singapore, gas and LNG trading activities in the region as well as Singapore’s LNG ambitions.
Minister Iswaran highlighted a recent report by the International Energy Agency (IEA) and that global gas demand is expected to grow strongly at around 5% per year till 2020, driven increasingly by Asian buyers, while on the supply side the market is tight but is expected to ease post-2015 with LNG supplies from new markets such as US, Australia and East Africa.
Minister Iswaran also pointed out that LNG trading is an important area of potential growth in the region and that an LNG trading hub can serve as a platform for efficient market outcomes and market reflective prices. He noted the industry support for the initiative of a secondary gas market trading platform, which is currently being developed by the Energy Market Company and industry players together with the Energy Market Authority (EMA), which will allow gas users to better manage their gas portfolios and boost the competitiveness of Singapore’s domestic gas market.
Singapore is equipped with infrastructure capacity to cater to domestic gas demand and spare capacity at the Singapore LNG terminal will also provide the opportunity to support ancillary LNG activities such as LNG trading and bunkering. SLNG will also expand its send-out capacity from the current 6 million tonnes per annum to around 11 million tonnes per annum by 2017 and add a fourth, larger 260,000 cubic metres LNG storage tank by 2018 and has awarded Samsung C&T Corporation the phase 3 Engineering, Procurement and Construction contract.
In addition to this, the EMA is also responding to industry feedback for the need for transparent rules on access to terminal capacity and is in the process of developing a Terminal Access Code. The higher degree of transparency the Terminal Access Code will offer coupled with Singapore’s infrastructure, proximity to Asian buyer demand, its status as a neutral marketplace and growing community of LNG traders and legal and financial expertise, Minister Iswaran says that Singapore is putting together the building blocks to develop a hub for LNG expertise.
Other key presentations from BG Group, US Department of State, GDF Suez and E.ON spoke on the energy mix in Asia and what role does gas play in energy security. Anthony Barker, General Manager of BG Singapore Gas Marketing addressed North America as an energy exporter and how the region will be the driver for further changes in price diversification and volumes. While Denis Bonhomme, Senior Vice President Business Development Asia for GDF Suez LNG stated how Asian emerging countries became a larger market than Europe from 2013 with increasing spot and short term volumes into Asia Pacific.
The conference provided insightful discussions for over 250 global and regional participants all vying to hear from industry experts on the dynamics of trade in Asia and what the future has in-store for the gas & LNG industry. Gas Asia Summit will continue today at the Marina Bay Sands Expo and Convention Centre. For further information visit www.gasasiasummit.com.