Sembcorp Gas Pte Ltd, a subsidiary of Singapore-based energy firm Sembcorp Industries, has signed a deal to import natural gas from Medco E&P Natuna Ltd, a unit of Indonesian oil and gas company PT Medco Energi Internasional Tbk.
|Illustrative image (Photo source: nasdaq.com) |
Jakarta - Sembcorp Gas Pte Ltd, a subsidiary of Singapore-based energy firm Sembcorp Industries, has signed a deal to import natural gas from Medco E&P Natuna Ltd, a unit of Indonesian oil and gas company PT Medco Energi Internasional Tbk.
Sembcorp said in a recent news release that it hopes the agreement, estimated at 1.41 billion USD, will come into effect by the second half of 2023, conditional upon the necessary agreements to transport the new supply of gas. Delivery is hoped to begin in 2024 for a period of four years.
The agreement is expected to allow Sembcorp to maintain its position as Singapore’s leading natural gas importer.
Sembcorp oversaw the first delivery of natural gas to Singapore from Indonesia in 2001, with an initial agreement of 325 million standard cubic feet per day of natural gas sent to Singapore for 22 years, also delivered through the West Natuna pipeline, according to Sembcorp.
In its 2022 annual report, Semcorp said it is continuing the buildout of its renewables portfolio, securing 3.6 gigawatts (GW) of renewables capacity through acquisitions and organic growth last year.
The firm said it was well positioned to support the Singaporean government’s ambition to develop hydrogen as a major decarbonisation pathway as it plays “a key role in green hydrogen production.
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