In Singapore, we recently ushered in the Year of the Tiger and with it the continued hope of growth and expansion in the commodity business specifically in CTRM. Singapore and the greater Asia Pacific region did experience significant growth in the CTRM business in terms of interest if not deal closure in 2021.
Several CTRM decisions were made in 2021 in the Oil and Gas space and LNG is driving multiple conversations as we continue into 2022. Given the increase in LNG traffic and volumes coupled with the liquidity in JKM; Asia should see considerable growth in LNG and resultant CTRM expansion in LNG as well.
There was also a significant growth in the Agri/Soft commodities sector in 2021 which will certainly extend through 2022 and beyond. Supply chain constraints as well as demand has been driving this sector globally and there have been several CTRM deals already executed in this space in Australia, Europe and Asia.
There has also been several new CTRM vendors that have arisen in the past few years which have made good progress and traction in Asia. For example, CoreTRM recently signed a deal to deliver its solution to GS Caltex, a major Korean refiner. The project is being implemented with Principia Consulting.
Principia Consulting has also expanded with a new regional sales office setup in Korea along with Mr. Sang Min Lee joining our team after 15 years in Trading and Risk Management along with ETRM & SAP experience. We also signed several new clients in 2021 in Oil as well as in Agri and continue to have a positive outlook on 2022 and beyond.