SINGAPORE, May 7 -- Singapore has reportedly launched a new government-owned entity, Singapore GasCo, to centralise natural gas procurement and supply.

According to Channel News Asia (CNA), the Energy Market Authority (EMA) and GasCo said the establishment of the new agency would help secure better gas contracting terms, ensure stable supply and prices, and enable sourcing from diverse suppliers through longer-term contracts.

It will "reap economies of scale and negotiate for more favourable gas contracting terms," the agencies reportedly said.

According to government-run portal SG101, Singapore relies on natural gas for about 95 per cent of its electricity, mostly imported from Malaysia and Indonesia, with several existing supply cont...