Commodity trader Trafigura and Singapore LNG Corporation (SLNG) have signed an agreement for storage and reload services at the SLNG terminal on Jurong Island.

This is the second such agreement that Trafigura has signed with SLNG to utilize the excess liquefied natural gas storage capacity available at the terminal, the trader said in its statement on Monday.

Under the agreement, Trafigura will have access to 160,000 cubic metres of firmed LNG storage capacity on a segregated basis for the next 24 months.

Speaking of the deal, Chin Hwee Tan, Asia Pacific CEO for Trafigura said, “LNG storage in Singapore allows us to offer our customers the additional security of supply and flexibility.”

“Through this and our other ancillary service offerings, SLNG aims to facilitate more LNG trades and market plays out of Singapore, contributing to the development of Singapore as an LNG hub,” added John Ng, chief executive officer of SLNG.