Sembcorp unit appointed as a new term LNG importer for Singapore

SEMBCORP Industries' wholly-owned unit Sembcorp Fuels (Singapore), hasbeen appointed by the Energy Market Authority as a new term liquefied natural gas (LNG) importer for Singapore, allowing it to import and sell regasified LNG to customers in the market.

Sembcorp, Singapore's first commercial importer of natural gas, has been building its core capabilities in gas import and retail over the last two decades.

"This appointment will enable Sembcorp to augment its offer of a diverse portfolio of energy generation sources and supplies in Singapore that now includes LNG, piped natural gas, biomass, waste, as well as solar," it said.

Sembcorp is also Singapore's largest natural gas supplier and leading solar energy provider, and believes it is able to contribute to the nation's energy transformation.

Its portfolio of energy solutions will enable Sembcorp to provide sustainable, competitive and reliable energy for customers in Singapore, where natural gas continues to be a dominant energy source as the cleanest form of fossil fuel, while it grows its renewable energy efforts.

Sembcorp has been stepping up the pace of growing its renewables business now that it no longer needs to prop up its struggling marine unit since its split from Sembcorp Marine last September. The firm is set to reveal details of its strategic pivot towards renewable energy over the mid to long term during in May.

Sembcorp added that the appointment is not expected to have a material impact on its earnings per share and net asset per share for the financial year ending Dec 31, 2021.

Shares of Sembcorp added S$0.04 or 2.24 per cent to S$1.83.

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