Singapore based Sembcorp Industries to do record natural gas imports

 Currently, Russia is the top supplier of natural gas globally. Russia has cutted off the natural gas supply to European countries amid war. This has affected the global natural gas supply chain and led to rising prices. This resulted in the rising imports of natural gas from Indonesia and Singapore.

Singapore's electricity needs are continuously expanding. Singapore mostly imports natural gas to generate 95% of its electricity. Singapore’s natural gas consumption was around 43 thousand megawatts during 2022. As per historical Singapore import export data, In 2018, natural gas imports by Singapore were around 10 million metric tons mostly imported from Indonesia and Malaysia.

According to the Singapore customs data reports, Malaysia and Indonesia cover over 71% of the total natural gas imports of Singapore. Other major importers were Qatar, United States, Angola and Australia. The imports of natural gas increased by 4% as compared to last year.

Latest Singapore market trends suggest that Sembcorp Industries Ltd, a leading gas importing firm from Singapore has signed a billion dollar deal with Indonesia to import natural gas. PT Medco Energi Internasional, an Indonesian oil & gas company will export around 1.41 billion dollars worth of natural gas to Singapore based Sembcorp industries in 2023. It is expected to reach Singapore by the middle of 2023.

Singapore's dry natural gas consumption was around 509 billion cubic feet. Our Singapore export data of dry natural gas suggest that around 52 billion cubic feet during FY 2022. The major export destinations for Singapore's natural gas are India, China, Japan, South Korea and Thailand.

Singapore is currently the 12th biggest crude oil importer in the world. It is the 3rd most shipped goods to Singapore. As per the Singapore import data, around 23 billion dollars worth of crude oil was shipped to Singapore during 2022.

Singapore's crude & refined petroleum oil imports are mostly from the United Arab Emirates, Qatar, Kuwait and Saudi Arabia. On the other hand, Singapore's crude oil exports are destined to Malaysia, Indonesia, China and Australia. 

The Singapore government is planning to reduce its electricity consumption from non renewable sources of energy like coal, and petroleum. Singapore is investing in a greener and sustainable future. Solar energy is one of the top imports implemented by Singapore. 

According to the Singapore exim data, the government had installed over 350 megawatt capacity solar plants in 2021. In order to reduce its carbon emissions, the government is aiming to reach 2 gigawatt solar energy by 2030.

It is the best time to start a solar energy import export business. As the world is looking for renewable and sustainable sources of energy. Exim Global import export data System is the best platform through which companies can find demand for renewable energy markets. It is the best tool through which you can identify top markets, determine pricing, production quantity, top sea ports, importer and exporter companies.

Through this platform, you can get qualifying business leads at very minimal cost and raise their ROI. It has import export data reports of over 200+ countries that helps you analyze your competitors and make profitable business decisions regarding the renewable energy market. Get ahead of your competition and establish yourself in the global market.