Ho Ching praises ex-minister Iswaran's 'foresight' in starting S'pore's LNG terminal in late 2000s

Temasek Trust chairman Ho Ching has praised former transport minister S Iswaran for his "foresight" in starting Singapore's Liquified Natural Gas (LNG) terminal about two decades ago.

The decision, made during the global financial crisis years of 2008 and 2009, has come in handy now by ensuring Singapore has a consistent supply of energy, she said.

Ho's comments come against the backdrop of Indonesia cutting natural gas exports to Singapore in a move for "survival", in the wake of the Middle East crisis that has affected energy exports.

'We all make mistakes'

In a Facebook post on Oct. 27, Ho began by writing that "in life, we all make mistakes".

"But our mistakes should not overshadow the good we have done," she added.

Iswaran pleaded guilty on Sep. 24, 2024 to five criminal charges related to him receiving gifts as a public servant.

He completed two-thirds of his one-year jail sentence and was released on remission, making him the first Singaporean cabinet minister to serve time.

Foresight

Ho thanked Iswaran for "his courage and foresight" in starting the LNG terminal in Singapore.

Prior to the LNG terminal operating, Iswaran was the Senior Minister of State for the Ministry of Trade and Industry (MTI).

The first LNG shipment to Singapore was from Trinidad and Tobago, Ho added.

As the terminal grew over the years, Singapore has had offers of LNG supplies from across the world on long-term and on-spot bases, she added.

Ho also praised Energy, Trade and Industry Minister Tan See Leng and his team for successfully landing an agreement with Saudi Arabia to establish a crude oil storage arrangement in Singapore's Jurong Rock Caverns on Oct. 26

Importance of energy

"Energy is existential, more than even water," Ho wrote.

She explained that it is the cornerstone of an advanced civilisation and has led to better standards of living:

"Let’s work together for a better future for all, but let’s also recognise and salute those who worked and work tirelessly or quietly in the background to secure stronger foundations for a better future in a better world."

Singapore's LNG terminal

Singapore's LNG import terminal, located on Jurong Island, was first announced by the government in 2006.

It was originally planned as a commercial venture designed to import LNG to diversify Singapore's energy sources and meet future energy needs.

While originally developed by a consortium between PowerGas, a subsidiary of Singapore Power, and another company, Iswaran announced in 2009 that the government would be taking over and developing the terminal due to the global recession.

The Singapore LNG Corporation was then established by the Energy Market Authority (EMA).

The terminal then held its groundbreaking ceremony on Mar. 31, 2010, and began formal operations in 2013.