Singapore is working on a plan to diversify imported liquefied natural gas (LNG) supplies in the next tranche of LNG imports to sustain its energy security.

Accordingly, the country may grant licenses to two LNG importers under new regulations on competiveness. In the meantime, Britain-based BG Group is currently the sole supplier for Singapore’s first LNG terminal, which started operation this May.

Speaking at the Gas Asia Summit on October 30, Singapore Second Minister for Trade and Industry S. Iswaran said the country needs to open up the market to different supply sources of gas in order to secure the most competitive ones.

Singapore will import LNG in different stages, Iswaran said, adding that this move will help the country respond flexibly to fluctuations of the global oil supply and the emerging of new suppliers.

The Energy Market Authority (EMA) will launch a two-stage Request for Proposal (RFP) for LNG supply in 2014.

Currently, 90 percent of electricity in Singapore are generated from gas imported from Malaysia and Indonesia through pipes.-VNA