MPA Funds S$12 Million to Build LNG Fuelled Vessels

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In a bid to develop Singapore port as the key LNG bunkering hub in Asia, Maritime and Port Authority of Singapore (MPA) has launched an LNG Bunkering Pilot Programme (LBPP) targeted for early 2017.  The MPA’s Maritime Innovation & Technology Fund will be available for interested companies to avail the $2 million per vessel for companies to build vessels fuelled by liquefied natural gas, capped at two successful funding applications per company.

The additional conditions that apply are the promotion holds good only for Singapore-registered companies.

  • The funded vessel must be flagged under Singapore Registry, or
  • The vessels must be licensed for activity in Singapore port for at least five years.

Last year alone, Singapore grossed more than 42 million tonnes in bunker sales volume.  Being the world’s top bunkering port, the MPA has been collaborating with technical experts, industry stakeholders and partner agencies to develop efficient LNG bunkering standards, procedures and infrastructures for their ports.

 Source: MPA

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