Trafigura Inks Storage Deal with Singapore LNG Corp

Trafigura has signed a deal with Singapore LNG Corp, operator of Singapore's first liquefied natural gas terminal, allowing the commodities trader to use excess gas storage at SLNG's terminal on Jurong Island, the companies said on Tuesday.

Under the agreement, SLNG will offer its storage and reload services to Trafigura, which allows the Singapore company to make better use of spare capacity at its terminal, SLNG's Chief Executive John Ng said in a statement emailed to the press.

The Swiss-trading house declined to reveal the capacity leased. Trafigura's head of LNG, Hadi Hallouche, said in the statement the company hopes the deal will "help us demonstrate our commitment to security of supply for our Asian customers".

SLNG was offering storage and reload services at its terminal on a spot or term basis in February this year and said then it had more than 180,000 cubic metres of storage available until the end of the year, according to the company website.

Trafigura has been especially active on LNG markets in recent months, winning a deal last month to supply Argentina with six cargoes, and supply contracts to Egypt and Mexico before that.

Reporting by Jessica Jaganathan