Singapore Launches LNG Shipbuilding Fund

SINGAPORE, Sept 30 (Reuters) – Singapore has launched a S$12 million ($8.44 million) fund for firms to construct vessels fuelled by liquefied pure gasoline, because the city-state tries to encourage use of LNG whereas additionally attempting to keep up its function because the world’s prime bunkering hub.

Companies would be capable to faucet the fund for as much as S$2 million per vessel, the port stated in a press release on Wednesday.

Companies should be included in Singapore and the vessels should be flagged beneath the Singapore Registry or licensed for exercise in Port of Singapore for at the very least 5 years.

The port sought proposals on LNG bunker provides in late July to enhance the nation’s profile of itself as an LNG hub, and as a step in direction of assembly its personal deadline of supplying the super-chilled gas to ships by 2020.

In 2014, Singapore’s bunker trade recorded greater than 42 million tonnes in bunker gross sales volumes, the port stated.

The bunker gross sales comprise totally different grades of gas oil, that are thought of extra extremely polluting than pure gasoline. ($1 = 1.4224 Singapore {dollars}) (Reporting by Jessica Jaganathan; Editing by Tom Hogue)

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