In October 2023, SLNG announced plans to invest in a 5.0 MTPA floating storage and regasification unit (FSRU) to import LNG for both domestic consumption and trading purposes. The investment decision is driven by two key factors: to mitigate supply disruptions from the potential loss of pipeline gas imports from neighboring Malaysia and Indonesia, and to increase the share of natural gas in the energy consumption mix. Other drivers include Singapore's ambition to become a regional hub for LNG trading, given the growing appetite for LNG in regional markets. The new project is expected to offer Singapore the flexibility to deploy the FSRU closer to consumers and allow SLNG to cater to the burgeoning LNG bunkering business. Singapore's LNG imports have increased from a small base of 2.1 MTPA in 2015 to 3.7 MTPA in 2023.