Singapore takes step towards first nuclear facility in SEA

MSN Malaysia, 23 Sep 2014
Singapore has deposited the instrument of accession to the International Atomic Energy Agency (IAEA)’s Convention on the Physical Protection of Nuclear Material (CPPNM) and the instrument of acceptance to its 2005 Amendment.
Singapore will become a party to the CPPNM 30 days after the instrument of accession is deposited with the IAEA, said the Ministry of the Environment and Water Resources (MEWR) in a press release today.
The CPPNM is the only internationally legally binding undertaking in the area of physical protection of nuclear material.
Its scope was broadened through its 2005 Amendment to include the protection of nuclear facility and material for peaceful domestic use, storage and transport.  Full story

Singapore to stop gas imports via pipelines from Indonesia

Antara News, 29 Jan 2014
Jakarta (ANTARA News) - The Upstream Oil and Gas Regulator (SKK Migas) said Singapore buyers would stop importing gas via pipelines from Indonesia after the import contracts expire.
"They would not seek extension of contracts as Singapore already has the floating storage and regasification unit (FSRU) facility," acting chief of the SKK Migas J Widjonarko said.
Currently Indonesia exports gas to Singapore via pipelines of PT Trans Gas Indonesia from Natuna islands of Riau and South Sumatra across the Malacca strait.
The gas buyers in Singapore are Sembawang Corporation and Gas Singapore Pvt Ltd (GSPL). Full story

Temasek Racing Against Exxon and Shell to Build Up Biggest LNG Reserve in Singapore

Bloomberg, 18 Jul 2013
A Temasek Holdings Pte unit is up against Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA) in a contest to fill storage tanks that will hold three times as much liquefied natural gas as Singapore will consume this year.
The city-state’s Energy Market Authority is seeking feedback through the end of July for stocking an LNG terminal with capacity of as much as 9 million metric tons. The threefold expansion will allow Singapore to offer last-minute deliveries, or spot cargoes, to buyers in Asia seeking an alternative to long-term contracts linked to oil. Full story

Debt-ridden GMR exits Singapore power plant, makes Rs 1,356 crore profit

The Economic Times, 5 Mar 2013
MUMBAI/BANGALORE: Cash-strapped infrastructure conglomerate GMR is selling its entire 70 per cent stake and exiting its first independent power project (IPP) outside India, the Island Power Project in Singapore. The move is part of its ongoing portfolio churn that will help the group pare its consolidated net debt of Rs 37, 681 crore as on December 2012.
GMR on Monday signed a share purchase agreement with FPM Power Holdings Limited (FPM Power) - a 60:40 joint venture between Hong Kong headquartered investment company First Pacific and Meralco, a part of Philippines' biggest electricity retailer - to sell its controlling interest in the 800-megawatts gas-based plant for an equity value of S$660 million (Rs 2,923 crore) Full story

Related:
GMR to Sell Stake in Singapore Power Unit for S$660 Million - Fox Business

India's GMR sells 70 percent stake in Singapore power project

Yahoo! News India, 5 Mar 2013
Mumbai, March 4: Infrastructure major GMR Group will sell its 70 per cent stake in GMR Energy (Singapore) Pte Ltd (GMRE) to FPM Power Holdings Limited for Singapore $660 million (Rs 2,900 crore).
"GMR Group has entered into a share purchase agreement on March 4 to sell its 70 per cent interest in GMRE to FPM Power Holdings Ltd for a total equity value of Singapore $660 million," the company said in a statement.
Of this, FPM Power will invest Singapore $60 million in GMRE as balance equity, GMR said in a statement. The sale translates to an enterprise value (100 per cent basis) for GMRE of Singapore $1,612 million ($1.29 billion) on completion of the project by 2013. Full story

Cash-strapped GMR planning to sell off Singapore power plant

The Economic Times, 25 Feb 2013
MUMBAI: Cash-strapped infrastructure conglomerate GMR has decided to exit its first independent power project (IPP) outside India by selling the entire 70% stake in its Singapore plant, popularly known as the Island Power Project.
With GMR expecting to raise over $650 million through the sale, the move will generate liquidity and help pare its consolidated group net debt of Rs 37,681 crore as of December 2012, which amounts to a gearing of 3.5 times.
The Bangalore-headquartered group is currently in advanced negotiations with a group of strategic South-East Asian power and utility majors, and is hoping to conclude a deal in the next few months, said multiple sources aware of the development. Full story

Singapore to Use 3 Million Tons a Year of LNG by 2015

Bloomberg, 24 Jan 2013
Singapore will consume as much as 3 million metric tons of liquefied natural gas by 2015, Steve Hill, BG Group Plc (BG/)’s vice president of global LNG and oil marketing, said at a conference in the Asian city-state.
The nation is constructing an LNG import terminal with a capacity of 9 million tons a year. Full story

Singapore one of the top buyers of stolen Nigerian oil: expert

CNBC.com, 22 Oct 2012
LAGOS (Reuters) - The main buyers of the 180,000 barrels of oil that thieves steal from Nigeria each day are organized criminal networks in the Balkans and refiners in Singapore, according to a former presidential advisor who launched a campaign against the practice on Monday.
Cole said much of the oil sold had been traced to criminal networks in the Balkans, especially Ukraine, Serbia, and Bulgaria, better known for things like cigarette smuggling or trafficking sex workers.
"On the evidence we have, the Balkan mafia organizations are well represented in Nigeria ... You can't chase these guys easily. They're as slippery as the proverbial eel."
Singapore, the world's top refiner, was also taking a large chunk. He urged Nigeria to confront Singaporean authorities. Full story

Singapore To Diversify Energy Sources To Enhance Energy Security, Says Minister Iswaran

Bernama.com, 22 Oct 2012
SINGAPORE, Oct 22 (Bernama) -- A key plank of Singapore's energy strategy is to diversify its energy sources to enhance the country's energy security, Minister in Prime minister's Office and Second Minister for Home Affairs and Second Minister for Trade and Industry, S.Iswaran said.
"Our Liquefied Natural Gas (LNG) terminal is on track to commence operations in the second quarter of 2013, and the demand for LNG is already stronger than initially expected," he stated.
With the development of the terminal, Singapore will be well-placed to diversify its gas supply and tap on the global LNG market, he said in his address at the Singapore Energy Summit, here Monday. Full story

SP AusNet to make customers pay for the electricity company's Black Saturday bushfire bill

Adelaide Now, 30 Aug 2012
ELECTRICITY customers may face footing the damages bill for the cost of the Black Saturday bushfires after supplier SP AusNet won official permission to pass on amounts that its insurance bill did not cover.
The Australian Energy Regulator has potentially cleared the way for the electricity company to rachet up its prices beyond the regulated rate it charges electricity retailers to cover potential costs.
The State Government is suing the Singapore-owned company for $22 million for failure of its lines in the Kilmore East fire, which spread to Kinglake and killed 119 people and destroyed 1242 homes on February 7, 2009. Full story

Iran starts shipping fuel oil to Singapore – report

Panarmenian.net, 23 Aug 2012
Iran has started moving nearly two million barrels of fuel oil to Singapore in the first such shipment since June, Reuters reported citing an Iran-based port source.
Asia's top marine fuel trading hub secured exemption from U.S. financial sanctions on Iran late in June, after authorities leaned on oil companies operating in the city state to cut dealings with Iran.
Although Singapore had been left off the first list of nations exempted from U.S. sanctions, it secured the reprieve after showing a significant dip in oil imports from Tehran. Full story

Related:
Iran ships up to 2 million barrels of fuel oil bound for Singapore - Tehran Times

Iranian crude oil-tanker seen heading for Singapore

Bloomberg, 20 Aug 2012
An Iranian crude oil-tanker signaled it’s sailing for Singapore after calling at Kharg Island, the Persian Gulf country’s biggest export facility, ship-tracking data compiled by Bloomberg show.
The Leadership, a very large crude carrier controlled by Tehran-based National Iranian Tanker Co., can go as low as 22.5 meters when filled with a 2 million barrel cargo. The vessel signaled for Singapore on Aug. 15 with a draft of 22 meters, according to data from IHS Inc. (IHS), an Englewood, Colorado-based research company. It had a draft of 11.3 meters on Aug. 14 and the depth change suggests cargo was loaded. Full story

SGX grabs a share of the lucrative local oligopolistic electricity market

The Malaysian Insider, 6 Aug 2012
Singapore Exchange Ltd (SGX) said today it is buying a 49 per cent stake in the operator of the city-state’s wholesale electricity market.
The exchange is paying an initial S$17.64 million (RM44.09 million) for just under half of the Energy Market Company (EMC), which runs the National Electricity Market of Singapore (NEMS). Full story

Related:
Singapore Exchange steps into electricity sector - Xinhua
SGX Enters Electricity Market with 49 percent stake in Singapores Energy Market Company - TMCnet.com

Malaysia identifies Johor as one of the sites for its nuclear plants - report

Barubian.net, 19 Jul 2012
A coalition today revealed that the government has secretly pushed for its nuclear power plants project and has preliminarily identified the potential sites for them, despite objections from the ground.
The government, through the Malaysia Nuclear Power Corporation (MNPC), has identified seven sites for twin-unit nuclear power plants, said Malaysian Coalition Against Nuclear (MyCan) spokeperson Dr Ronald McCoy.
The seven sites are located in four states - one in Kedah and two each in Perak, Terengganu and Johor, he said in a press conference. Full story

Exxon delays Singapore petchem shipments after leak -sources

Reuters India, 10 Jul 2012
(Reuters) - Exxon Mobil has delayed the loading of petrochemicals at a refining complex in Singapore after production was reduced last week due to a leak, two industry sources said on Tuesday.
Workers have repaired a damaged boiler at the company's 3.7 million tonne a year petrochemicals facility on Jurong Island, with production returning to normal, said a source familiar with the matter. It was not clear how much production was lost from the leak. Full story

Oil price set for biggest slump since 2008 crisis, will EMA cut electricity tariffs?

Arabianbusiness.com, 29 Jun 2012
Oil rallied with other commodities and the euro on Friday, rising over $2 after European leaders agreed on a strategy to tackle soaring borrowing costs in Italy and Spain, but was still set for the deepest quarterly loss since 2008.
Euro zone leaders agreed on emergency action that will allow rescue funds to be used to stabilise bond markets and other measures that mark the first step towards a European banking union. Full story

Singapore cuts Iran fuel oil imports by nearly 60 percent as sanctions kick in

Reuters, 28 Jun 2012
(Reuters) - Singapore's fuel oil imports from Iran fell nearly 60 percent from their 2012 peak in June, as the city state applies pressure to oil firms to reduce trade with the Islamic Republic to win an exemption from U.S. sanctions.
International Enterprise (IE) Singapore, the country's trade agency, increased pressure on oil firms to reduce trade with Tehran following the visit of a senior U.S. diplomat, an official source familiar with the matter said.
"Another round of calls (was made) to re-emphasize the broader implications of doing business with Iran, the companies are receptive," the source said. Full story

Related:
China, Singapore cut back on Iranian crude - UPI.com

Oil prices continue to drop despite output cuts. Will EMA cut electricity tariffs?

Yahoo! News, 25 Jun 2012
World oil prices dropped on Monday as eurozone debt concerns offset production stoppages in the Gulf of Mexico and Norway.
New York's main contract, light sweet crude for delivery in August, slid $1.11 to $78.65 a barrel.
Brent North Sea crude for August dropped 63 cents to $90.35 in late London deals. Full story

OPINION: Singapore could get better deal buying gas from US — Lee Yoong Yoong

The Malaysian Insider, 25 Jun 2012
JUNE 25 — Energy security is a major determinant for a country’s development and economic growth. As a surrogate for the latter, the demand and security for energy have become extremely critical issues facing countries today.
Singapore is no exception.
Not only is it an energy-disadvantaged country, it is also the only member state in the Association for Southeast Asian Nations (ASEAN) without indigenous energy supply, and is completely reliant on energy imports — oil from the Middle East and natural gas from within ASEAN — to meet its development needs. Full story

Singapore Power Said to Seek S$1.5 Billion Project Facility

Bloomberg
Singapore Power Ltd. hired six banks to help arrange a S$1.5 billion ($1.2 billion) 10-year project finance loan, according to three people familiar with the matter.
The proceeds will help fund the construction of two tunnels to carry electricity cables under Singapore, the people said, asking not to be identified because the details are private. The banks are Bank of Tokyo-Mitsubishi UFJ Ltd., DBS Bank Ltd., Mizuho Corporate Bank Ltd., Oversea-Chinese Banking Corp., Sumitomo Mitsui Banking Corp. and United Overseas Bank Ltd. (UOB), the people said. Full story