The petroleum industry in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

is accountable for part of the country's economy, exporting about of oil (as of 2007). Singapore is dubbed "the undisputed oil hub in

Asia Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an area ...

History

The petroleum industry in Singapore dates back to 1891. In 2007, the country exported approximately 68.1 million tons of petroleum. The same year, the Singaporean government published a report titled ''Energy for Growth'', describing how the industry would be sustained.

Sector organisation

Jurong Island Jurong Island is an island located to the southwest of the main island of Singapore. It was formed from the amalgamation of seven offshore islands, the islands of Pulau Ayer Chawan, Pulau Ayer Merbau, Pulau Merlimau, Pulau Pesek, Pulau Pesek ...

is where most of the country's oil industry's activities take place. Around 95 petroleum organisations are found there. According to The World Fact Book, Singapore produces about 20,170 barrels of crude oil per day, ranking it 78th in the list of the world's oil producing countries. The government-owned Singapore National Oil Corporation (

Abbreviation An abbreviation (from Latin ''brevis'', meaning ''short'') is a shortened form of a word or phrase, by any method. It may consist of a group of letters or words taken from the full version of the word or phrase; for example, the word ''abbrevia ...

: SNOC) is in charge of the governance of the country's oil industry and protecting it.

Value

Singapore is described as "the undisputed oil hub in Asia". The oil industry is responsible for some five percent of the country's gross domestic product (GDP). It generated an estimated S$57 billion dollars in 2009. Technology used for oil refinement and trading centres in Singapore is on the cutting edge, and many well-established petroleum businesses, such as Exxon Mobil and

Lanxess Lanxess AG is a German specialty chemicals company based in Cologne, Germany that was founded in 2004 via the spin-off of the chemicals division and parts of the polymers business from Bayer AG. Shares in Lanxess AG were listed in Germany’s DAX ...

, are based in Singapore, owing to the country's "safe environment" and ideal trading location. As a global financial hub, Singapore provides for 25 per cent to 35 per cent of commodities trading in Asia, according to International Enterprise Singapore, a government agency. It is also Asia’s largest physical oil trading hub. Additionally, it is home to the world’s largest bunkering port and the world's two largest oil rig builders

SembCorp Marine Sembcorp Marine Limited an Singaporean company. It is listed on the Singapore Exchange (SGX). It was a subsidiary of Sembcorp until 2020, when the companies demerged following Sembcorp Marine's poor financial performance. Sembcorp Marine's pr ...

and

Keppel Corporation Keppel Corporation (also known as Keppel Corp) is a Singaporean conglomerate headquartered in Keppel Bay Tower, HarbourFront. The company consists of several affiliated businesses that specialises in offshore & marine, property, infrastructure ...

. Singapore traded 21% of the world market of more than 213 million metric tons of bunker fuel in 2019.

Issues

Supply disruption

Singapore has not yet experienced supply disruption of oil. The country has its own reserves of oil, in case of such a crisis.

References