Samsung C&T, the construction and trading arm of Samsung Group, said Friday that it had won an engineering, procurement and construction project to expand Singapore’s first liquefied natural gas terminal, located on Jurong Island.

The company said it expected to complete the $542 million project, commissioned by Singapore LNG Corporation, a subsidiary of Singapore Energy Market Authority, by 2018.

“We are honored to have an opportunity to contribute to Singapore’s energy supply security and its transformation into LNG trading hub in Asia. Based on the strong relationship with SLNG, Samsung C&T will strive to deliver outstanding results for the project with our priorities on safety and quality,” said Choi Chi-hun, president and CEO of Samsung C&T.

The project, phase three of Singapore’s LNG storage extension program, will add a fourth LNG storage tank and more regasification facilities to the existing LNG terminal.

This is part of Singapore’s plan to further expand the terminal’s send-out capacity from 6 million tons per annum to 11 Mtpa, according to the company.

It added that the new 260,000 cubic meter storage tank would be the world’s largest.

Samsung C&T completed the first and second phase EPC of the LNG terminal in March. The company has built three 180,000 cubic meter tanks and dispatch facilities at the terminal since 2010.

By Park Han-na (hnpark@heraldcorp.com)