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Singapore has LNG fund local firms can tap for US$1.4 million per ship
SINGAPORE has opened a S$12 million (US$8.44 million) fund for companies to build vessels fuelled by liquefied natural gas (LNG), in a bid to encourage use of LNG while retaining its world's top bunkering port status.
Singapore companies with Singapore-flagged ships, or licensed to work in Singapore, are able to tap the fund for up to S$2 million per vessel, Reuters reports.
The port sought proposals on LNG bunker supplies in late July to boost its reputation as an LNG hub, and as a step to fulfilling its plan supply the super-chilled fuel by 2020.
In 2014, Singapore's bunker industry sold 42 million tonnes of bunker. Sales comprise different grades of fuel oil, which are considered more highly polluting than natural gas.
Singapore companies with Singapore-flagged ships, or licensed to work in Singapore, are able to tap the fund for up to S$2 million per vessel, Reuters reports.
The port sought proposals on LNG bunker supplies in late July to boost its reputation as an LNG hub, and as a step to fulfilling its plan supply the super-chilled fuel by 2020.
In 2014, Singapore's bunker industry sold 42 million tonnes of bunker. Sales comprise different grades of fuel oil, which are considered more highly polluting than natural gas.
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