Samsung C&T Construction has been awarded an EPC contract, to the value of $700m, for the phase three expansion plans involving the Singapore LNG Terminal.

The deal was awarded by Singapore LNG Corporation (SLNG) and will involve the further expansion of the terminal to include a fourth LNG storage tank. Samsung will also add further regasification facilities to bring the terminal’s send-out capacity from the current 6mtpa to around 11mtpa.

At 260,000 m3 the new fourth LNG storage tank will be the largest and able to receive the full cargo load from a Q-Max carrier (which is currently the largest carrier in the world).

“With this Phase 3 development, we are not just further enhancing energy security and boosting our ability to ensure undisrupted gas send-out to meet increasing domestic demand,” said John Ng, CEO of SLNG.

“We are also turning the next page of the Singapore LNG story, as we build up the terminal’s capacity to allow Singapore to respond to new business opportunities in the regional or global LNG markets.”

Construction of Phase 3 is scheduled to begin by end 2014. The regasification facilities are expected to be completed by 2017, while the fourth tank is expected to be completed by 2018.