Singapore also intends to be industry's thought leader
Ronnie Lim, Business Times 4 Nov 09;
SINGAPORE, which is already a major regional oil hub, intends to identify new growth opportunities to capitalise on the shift of the global energy market's centre of gravity to Asia, said S Iswaran.
By 2030, China and India alone are expected to consume almost a third of the world's energy, and Singapore must take a multi-pronged approach to enhance its position as Asia's premier energy centre, the Senior Minister of State (Trade & Industry and Education) told the Asia-Pacific Petroleum Conference yesterday evening.
This includes continued strengthening of the republic's trade infrastructure to better facilitate the oil trading hub here. Over 100 leading energy companies are already here, and the government will continue to build on existing trading platforms such as the TradeXchange and AsiaClear.
To respond to the fast-changing market place, Singapore also expects the oil refining sector here to upgrade and handle crude oil from more diverse sources and move into more complex and higher value products, Mr Iswaran added.
Jurong Island, with its integrated refineries and petrochemicals plants, is already a global chemical and energy hub, and the government will continue to diversify the range of activities there, he said.
Cutting-edge research, development and demonstration (RD&D) will also be critical, Mr Iswaran stressed.
'We are encouraging the development of higher value products and partnering research institutes in areas such as process optimisation, catalyst development, as well as marine and offshore engineering innovation.'
'We will enter fast-growing overseas markets, foster new partnerships, and build new capabilities in design and engineering,' he added.
Singapore also intends to be a thought leader in the energy arena by hosting events, such as the Apec conference and the annual Singapore International Energy Week, which offer forums for industry players to meet and discuss energy issues and strategies of the day.
Companies here must also start looking at opportunities in a carbon-constrained world, Mr Iswaran said. To achieve sustainable growth, the oil and gas sector must make energy-efficient design second nature, and begin to integrate carbon mitigation technologies into processes.
Here, the government will play an important complementary role in facilitating these changes, whether through the creation of a sound regulatory environment or directly supporting energy RD&D, he said.
