The Singapore LNG Corporation Pte Ltd (SLNG) has awarded South Korean builder Samsung C&T Corporation the engineering, procurement and construction (EPC) contract of Singapore's LNG terminal.
The contract, valued at S$1.5 billion ($1 billion), is expected to be ready in 2013, a joint statement released by SLNG and Singapore's Energy Market Authority (EMA) said on Monday.
The terminal, located on the south-western part of Jurong Island, will have an initial capacity of 3.5 million tonnes per annum (mtpa), with provisions for expansion to 6.0 mtpa or more, the statement said.
Samsung won the contract beating US giant CB&I and another group led by South Korea's SK Group with UK-based Whessoe Oil & Gas.
According to reports, the LNG terminal is expected to be Asia's maiden open-access, multi-user terminal, and it will not only provide capacity for Singapore to import regasified LNG for its own needs, but also open up opportunities for companies to make use of the terminal for LNG trading.
In addition to the award of the EPC contract, SLNG has appointed Foster Wheeler Asia Pacific Pte Ltd as its project management consultant.