Singapore's Energy Market Authority (EMA) has signed a preliminary agreement with PetroChina International Company Ltd to strengthen the Southeast Asian nation's expertise and knowledge on liquefied natural gas (LNG) supply and management.
Singapore's power industry regulator said in a statement on Thursday that both entities would explore opportunities to strengthen each other's LNG supply chains, exchange knowledge on the market and evaluate joint procurement opportunities.
The memorandum of understanding is part of Singapore's efforts to strengthen energy security as it explores alternative energy sources to decarbonize its power sector, said EMA's statement.
"EMA and PetroChina will also study cooperation opportunities to support growing Singapore as an Asian LNG hub, gas-to-power and other sustainable development solutions for mutual benefit."
PetroChina is the listed arm of Asia's top oil producer China National Petroleum Corp (CNPC).
(Reporting by Emily Chow; editing by Philippa Fletcher)
