SINGAPORE (Reuters) - BG Group BG.L has moved its headquarters for global oil and liquefied natural gas (LNG) trading to Singapore from the United Kingdom to be closer to customers in the fast growing Asian region, the company said on Monday.
Singapore is emerging as a key location for trading firms that seek to tap in to the booming demand for resources from Asia, which is home to top LNG buyers Japan and South Korea.
Trafigura TRAFGF.UL shifted its main trading centre to the city-state two years ago, while Gunvor has said it could move to Singapore from Geneva if Switzerland becomes less attractive.
“Asia is the world’s largest market for LNG and where BG Group already sends the majority of its cargoes,” the firm’s president for global LNG and oil marketing, Steve Hill, said in a statement. Hill has also relocated to Singapore.
Oil and gas producer BG Group, a key LNG supplier, expects a steep rise in its supply base over the next few years as it brings new projects in Australia and the United States on line.
Australia has more than $190 billion of liquefied natural gas export projects under construction, with developers planning to add more than 80 million tonnes per annum of LNG production before the end of the decade.
Reporting by Jacob Gronholt-Pedersen; Editing by Himani Sarkar