3.48 We will build up Singapore as an energy hub for the future, expanding on our current role as an oil-refining and trading centre. To diversify our energy sources, a new billion-dollar Liquified Natural Gas (LNG) terminal will be ready to supply a third of Singapore's gas demand by 2012. More than that, as gas catches on regionally and globally as a source of energy, it will help to position Singapore as a gas hub in the same way that we are an oil hub.
3.49 We will move ahead with the second phase of the underground rock cavern beneath Jurong Island that will be used for the storage of chemicals. The project will free up 60 hectares of surface land space on Jurong Island for high value manufacturing activities. This is an investment costing $2 billion in total.
3.50 Alternative Energy is an emerging growth industry. The global Alternative Energy market is projected to grow by 10 times, to US$300 billion, by 2015. We will seek to participate in this emerging industry, in areas where Singapore can be competitive.
3.51 Rolls Royce has already invested in a $100 million fuel cell development project in Singapore. Leading foreign solar companies such as Conergy, Solarworld, and Solar-Fabrik have based their Asian headquarters here. An Australian company, Natural Fuel, is investing $200 million, in what will be the world’s largest biodiesel facility, in Singapore. We are positioning ourselves to ride the next wave of energy technology.
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