Singapore’s Energy Market Authority (EMA) has signed a memorandum of understanding (MoU) with PetroChina International, the trading arm of PetroChina, to collaborate on strengthening the island country’s supply and management skills in the liquefied natural gas (LNG) arena.
Under the MoU signed in Shanghai on November 7, 2024, the partners will explore collaboration opportunities to strengthen each other’s LNG supply chains, promote knowledge exchange regarding market dynamics, and supply and demand fundamentals, and explore joint procurement opportunities.
The agreement is said to be part of Singapore’s efforts to strengthen its energy security and resilience as it explores alternative energy sources to decarbonize the power sector and meet the net zero emissions target by 2050. As disclosed, EMA and PetroChina intend to collaborate on gas-to-power and other sustainable development solutions,as well as work on growing Singapore as an Asian LNG hub.
Soh Sai Bor , EMA’s Assistant Chief Executive, said: “Singapore aims to achieve net zero emissions by 2050. 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.”
This follows similar agreements the Singaporean player recently signed with other Asian partners, including two with South Korea’s KOGAS in June and October , and one with Japan’s JERA in April .