SLNG to sound market for fifth storage tank

SINGAPORE LNG Corp (SLNG) plans to approach the market to size up the demand for a fifth storage tank at its terminal on Jurong Island.

The move is coming on the back of increasing LNG trading activity, mainly backed by China's enormous appetite for the cleaner burning fossil fuel and a renewed push to sanction more LNG supply projects.

SLNG intends to issue a non-binding expression of interest this year or early next year to determine if "there is any real demand for additional liquefied natural gas (LNG) storage capacity".

It emphasised that this upcoming exercise is just "an initial exploratory step". The market responses will go towards a decision on whether to pursue the construction of the fifth tank.

SLNG now owns and operates four storage tanks with total capacity of 800,000 cubic metres.