Singapore's Minister of Trade and Industry, Gan Kim Yong, revealed plans to centralize the procurement of natural gas (including liquefied natural gas) for power generation in Singapore during his keynote speech at the Singapore International Energy Week (SIEW) on Oct 23. The Singapore government would establish a corporation (tentatively named GASCO) as early as 2024 to handle procurement. About 95% of Singapore's power generation fuel is natural gas. Each power generation company has been purchasing natural gas independently until now. In response to global energy price fluctuations due to growing geopolitical risks, the government aims to enhance the stable procurement of natural gas from a long-term national security perspective. To this end, the government is planning to diversify the sources of supply and increase the quantity of purchases through long-term contracts.