22 October 2012 05:31 [Source: ICIS news]
(recasts paragraph 6 to reflect updated completion date)
"The demand for LNG is already stronger than initially expected.… With the development of the terminal,
Iswaran was speaking at the Singapore International Energy Week which will run from 22-25 October.
This capacity will increase to 6m tonnes/year by the end of next year when additional jetties and regasification facilities are completed, it said.
The terminal’s third tank is targeted for completion by the end of next year, according to EMA.
"We don't have a specific timeline at the moment [to implement the futures market]… but clearly this is an initiative that we will like to move on as soon as possible," he said.
Demand response will allow consumers to participate actively in the market by curtailing their demand in response to high prices, according to Iswaran.
"This can moderate price spikes, lower energy costs, and generate system-wide savings," he said.
"Large consumers in the industry space such as electronics and the petrochemicals and chemicals sector... for whom energy is a significant proportion of their business operating costs will stand to gain [from the demand response initiative]," Iswaran added.
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