In June this year, EMA and Kogas agreed to share best practices and knowledge on the procurement and management of LNG supplies and exchange personnel for training and learning purposes.
The new MoU was signed on Tuesday during the Singapore-Korea Business Forum by Puah Kok Keong, chief executive of EMA, an Choi Yeon-Hye, president and CEO of Kogas.
EMA said in a statement the deal has an expanded scope to explore joint procurement of LNG.
Both parties have agreed to strengthen their collaboration further to explore joint procurement of LNG supplies, as well as cooperation in chartering or operating LNG carriers, EMA said.
EMA noted that while Singapore continues to pursue alternative energy sources, natural gas will continue to account for a significant share of its energy mix during the energy transition.
“This partnership with Kogas is an important one for us in enhancing our knowledge and expertise in the management and procurement of LNG supply,” Puah Kok Keong said.
“Joint procurement with other LNG buyers can potentially bring benefits to all parties such as better contract terms and pricing,” he said.
Singapore LNG projects
Singapore’s first LNG terminal on Jurong Island, operated by Singapore LNG, began commercial operations in May 2013.
It currently operates with two jetties, three storage tanks of 180,000 cbm each, a fourth storage tank of 260,000 cbm, and a peak sendout capacity of around 11 mtpa.
In October last year, SLNG also secured approval from the Singapore government to develop and operate the country’s second LNG import facility.
A recent $413 million FSRU order at South Korea’s Hanwha Ocean is being linked to MOL and SLNG.
77 LNG storage tanks
On the other hand, Kogas operates 77 LNG storage tanks at five LNG import terminals in South Korea.
The large terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok, while the firm has a small-scale regasification terminal at the Aewol port on Jeju island as well.
In addition to these facilities, the firm is building a large terminal in the western port city of Dangjin and expects to launch the first phase in 2025.
Kogas recently completed lifting the roofs on all four 270,000-cbm tanks at its Dangjin LNG import facility
