Press Release : SSB and GPS to develop small-scale LNG supply chain solutions in Southeast Asia
Global Petro Storage (GPS) Singapore and SSB Cryogenic Services entered into a collaboration agreement on 27th November 2018, to expand and develop small-scale LNG supply chain solutions in Southeast Asia.
The agreement was signed by Mr Peh Lam Hoh, Managing Director of SSB Cryogenic Services and Mr Eric S. Arnold, Chief Executive Officer of Global Petro Storage (GPS) Singapore. Witnessing the exchange of documents were Dr. Tan Wu Meng, Senior Parliamentary Secretary, Ministry of Foreign Affairs and Ministry of Trade and Industry, and Mr. Edwin Chow, Executive Director of Enterprise Singapore.
With a global push for cleaner energy source, coupled with the announcement on a global cap on sulphur content of marine fuel, both companies recognize the potential and opportunities in LNG bunkering, intermediate storage and break-bulking activities, as well as the increasing need for LNG supply chain solutions. The collaboration aims to promote transportation, distribution, and storage of LNG in small-scale aspect, to locations with limited access of energy sources due to inadequate distribution infrastructures and poor interconnectivity of gas pipelines. Smaller scale supply solutions, via small-scale LNG membrane vessels, satellite hubs and ISO tanks make it inherently suited to locations where the demand for energy sources is not adequately serviced.
Both companies are committed to provide a total solution for small to mid-scale LNG projects. “From LNG liquefaction, bunkering, intermediate storage and break-bulking solutions, to project financing support and investment of LNG-related opportunities as well as the execution in the LNG last mile solutions will provide a platform to enhance our capabilities and value propositions,” said Mr Peh Lam Hoh, Managing Director, SSB Cryogenic Services. “The collaboration with GPS will solidify SSB’s position as a total solutions provider in the LNG industry”. “GPS believes that gas is the fuel of the future and thus is focused on developing optimal onshore and/or offshore infrastructure needed to allow suppliers to access the respective demand centres,” said Mr. Eric Arnold, Chief Executive Officer, Global Petro Storage (GPS) Singapore.
As part of their collaboration, an initial investment fund of US$50 million will be established by GPS, to invest, own and operate small-scale LNG assets and infrastructure. SSB will identify and propose opportunities to GPS, at the same time providing technical expertise and support to push forward the development of small-scale LNG supply chain solutions in this region.