Singapore’s Energy Market Authority (EMA) has signed a new agreement with Korea Gas Corporation (Kogas) with an expanded scope to explore the joint procurement of liquefied natural gas (LNG) between Singapore and the South Korean company.
The latest memorandum of understanding is part of EMA’s efforts to further strengthen Singapore’s LNG supply chains and energy security.
While we continue to pursue alternative energy sources, natural gas will continue to account for a significant share of Singapore’s energy mix during the energy transition, noted the EMA.
“This partnership with Kogas is an important one for us in enhancing our knowledge and expertise in the management and procurement of LNG supply. Joint procurement with other LNG buyers can potentially bring benefits to all parties such as better contract terms and pricing,” said EMA chief executive, Puah Kok Keong.
EMA and Kogas in June had signed an MoU with a focus on sharing best practices and knowledge on procurement and management of LNG. Both parties have now agreed to further strengthen their collaboration to explore joint procurement of LNG supplies, as well as cooperation in chartering or operating LNG carriers.
The latest deal was inked by Puah and Kogas chief executive, Choi Yeon-Hye, at the Singapore-Korea Business Forum.
