BG Group has moved the centre of its LNG and oil marketing business to Singapore, from its head office in the UK. The move reflects the increasing importance of Asian energy markets.
Steve Hill, President for Global LNG and Oil Marketing, has relocated to Singapore as part of this move, where he will continue to lead the business while also assuming responsibility for running the Singapore office.
Asian LNG market
Hill commented: "Asia is the world's largest market for LNG and where BG Group already sends the majority of its cargoes. By moving the centre of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more of our existing customers and are better positioned to develop new and deeper relationships in the region."
The global natural gas market is set to grow at an average of 2.4% a year to 2025, largely driven by strong growth in demand from Asia. Consequently, BG Group has made the decision to manage its global LNG and oil marketing business from Singapore, where it has had an office for over 15 years.
Increased supply base
Over the next few years BG Group expects a steep increase in its LNG supply base as new projects commence. First LNG is expected from the 8 million tpa Queensland Curtis project in Q4 2014, and another 5.5 million tpa will be added from the US Sabine Pass terminal when it commences production.
In 2008 BG Group was appointed exclusive aggregator for Singapore's first 3 million tpa of LNG demand following a competitive process and to date has delivered over one million metric tonnes of LNG on board 20 LNG vessels. These volumes have supplied a variety of industrial customers, including six large-scale power generation companies, via the Singapore LNG import terminal.
Hill added: "Today we have over 70 people in our Singapore office and as the sole supplier of the first 3 million tpa of LNG to be used in the country, we look forward to building on this experience. With the increased capacity planned for the LNG terminal on Jurong Island and a second facility also being considered, we look forward to supporting Singapore in fulfilling its vision to create a highly competitive LNG market and become an energy supply hub for the whole region."
In Singapore, Hill will be supported by a broad team of LNG and oil marketing experts and a dedicated team responsible for the daily operations of the Singapore aggregator business.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07042014/bg_group_relocates_lng_centre_394/