BG Group said Tuesday it has moved its global liquefied natural gas (LNG) and oil marketing business to Singapore from its head office in the UK.
Steve Hill, president for global LNG and oil marketing, has relocated to Singapore and will continue to lead the business.
“Asia is the world’s largest market for LNG and where BG Group already sends the majority of its cargoes. By moving the center of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more of our existing customers and are better positioned to develop new and deeper relationships in the region,” Hill said.
Hill said the global natural gas market is set to grow at an average of 2.4% a year to 2025, largely driven by strong growth in demand from Asia.
Global LNG demand will grow at around 5% over the same period, BG Group said.
First LNG is expected from the 8 million tonnes per annum (mtpa) Australian Queensland Curtis LNG project in the fourth quarter of this year and another 5.5 mtpa will be added from the US Sabine Pass terminal when it starts production in the near term, according to BG Group.
“Today we have over 70 people in our Singapore office and as the sole supplier of the first 3 mtpa of LNG to be used in the country,” Hill said.