U.S. power main Chevron Corp. will ship liquefied pure fuel (LNG) to Singapore beginning in 2028 underneath a brand new settlement signed with Sembcorp Industries unit Sembcorp Fuels. Underneath the Sale and Buy Settlement (SPA), in keeping with Sembcorp, Chevron will ship 0.6 million tonnes of LNG each year, over 10 years.
In 2021, Sembcorp was appointed by the Power Market Authority (EMA) as a brand new time period LNG importer for Singapore, permitting it to import and promote regasified LNG to prospects available in the market.
“This settlement is a step ahead in diversifying Sembcorp’s present pure fuel portfolio of piped and liquefied sources globally. By forging strategic partnerships, we’ll proceed enhancing our capability to assist our prospects in Singapore by offering them with a safe and aggressive provide of energy and fuel all through the power transition”, Vickrem Vijayan, Head of Power Industrial for Singapore at Sembcorp, mentioned.
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Sembcorp mentioned that the SPA with Chevron will strengthen its present pure fuel provide portfolio from diversified piped and liquefied sources globally. ”As a key pure fuel importer for Singapore, Sembcorp is dedicated to supporting the nation with a steady and resilient provide of power”, the corporate mentioned.
“At Chevron, we’re leveraging our strengths and strategic partnerships to ship decrease carbon power to a rising world. This new long-term settlement with Sembcorp underscores our dedication to delivering reasonably priced, dependable, even-cleaner power that meets the wants of our valued prospects whereas advancing power safety and emissions discount objectives”, Freeman Shaheen, President at Chevron World Gasoline, mentioned.
Sembcorp mentioned that the signing of the SPA just isn’t anticipated to have a cloth affect on the earnings per share and web tangible belongings per share of Sembcorp for the monetary yr ending December 31, 2024.
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