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th more gas available, and new generation capacity entering the market, electric
ity generation becomes more competitive, which will benefit consumers.
8.
This LNG Terminal was a strategic move. We awarded the contract
to build, own and operate the Terminal as a commercial project in 2007. Our tim
ing was fortuitous. One year later, the global financial crisis struck and it c
hanged the outlook and the projections completely. The project became too risky
for any private operator to carry. But we believed that it was in Singapore s st
rategic interests to proceed, and we decided that the Government would take over
, and carry on despite the economic uncertainties. Fortunately, the economy rec
overed, and BG the aggregator
was able to contract almost all of its three milli
on tonnes per annum franchise. But even if things had not turned out so well, w
e would still have been satisfied from a strategic perspective with this LNG ter
minal, because it greatly increases our options and enhances our energy security
.
9.
Even since the project began, we have expanded the Terminal to gi
ve ourselves more capacity, more buffer. We have just completed the third LNG t
ank, doubling the Terminal s throughput capacity to six million tonnes a year. An
d we will be launching a competitive RFP for the next tranche of LNG imports by
June. This will assure us of competitive supplies of gas from around the world
as our demand grows.
Future of Energy Market
10.
But we are continuing beyond that, to make our energy market and our
energy sector more resilient and more flexible. We are investing in infrastruct
ure; we are exploring new energy options; we are developing manpower to support
the growth of the sector.
Invest in energy infrastructure
11.
First of all, we are investing in energy infrastructure. We are prep
aring for the possibility that our demand for natural gas may one day be met ent
irely by liquefied natural gas. Therefore, we are going to build infrastructure
ahead of demand. And by doing so, it will give us a strategic buffer. It will
support the development of ancillary services, like LNG trading, bunkering and
vessel cool-down services.
12.
Therefore, as the Chairman told you just now, we will add a fourth LN
G tank to this Terminal. It will raise the capacity to at least nine million to
nnes per year by 2017. In fact, on this site, the Terminal can accommodate seve
n storage tanks with the capacity of 15 million tonnes per year. But that is th
e limit, because of land constraints.
13.
Therefore, we will build a second LNG Terminal. We are studying a fe
w potential sites in eastern Singapore. This will enhance our energy security,
because it will geographically diversify our LNG import infrastructure. And by
having the second terminal in the east, it will also support new industrial site
s and power plantings. MTI will work out and announce the details in due course
.
Explore new energy options
14.
Secondly, we will continue to explore new energy options, for example
, solar energy, which is renewable, clean, and reduces our reliance on imported
fuels. We don t import sunshine; it arrives for free. The solar technology has s
een significant progress in recent years. We want to learn more about solar, so
that when it becomes cheaper and more competitive, we will be ready to deploy i
t on a large scale. Therefore, we are supporting pilot projects, including in H
DB estates such as Treelodge@Punggol, which are experimenting with solar panels
on the rooftops, generating useful amounts of electricity. We are investing in
R&D in solar cell technology to lower costs and improve yield, performance. We
are reviewing our regulations and upgrading our infrastructure to cope with the
intermittent nature of solar energy. And besides solar energy, we remain open t
o all other energy options as they become commercially and technically viable fo
r Singapore.
Develop manpower to support growth of energy sector
15.
Thirdly, we will develop manpower resources and create good jobs in t
he energy sector. We need capable workers to support the growth of the energy s
ector. This sector is going to offer many exciting opportunities for jobs, for
example, the power sector, clean and smart energy technologies, energy trading a
nd financing.
16.
Singapore LNG is a good example of the jobs and employment opportunit
ies in this industry. Eighty percent of its workers are Singaporeans. It spons
ors its employees for further studies to develop their skills and qualifications
. And starting this year, SLNG will also sponsor scholarships for ITE and Polyt
echnic students to increase the pool of talent in Singapore.
Conclusion
17.
So it is with some I think, justified satisfaction that we are markin
g the completion of our LNG terminal today. It is a milestone in Singapore s ener
gy journey. It enables us to access diverse and competitive sources worldwide.
It enhances our energy security and resilience. It supports our economy and ou
r daily lives, and therefore will help us to create a brighter future for all Si
ngaporeans.
Thank you and congratulations once again.