Following are some facts on Singapore’s booming oil industry, which accounts for some 6 percent of the city-state’s economy. The island, which has not a single drop of oil, has built up an industry that spans refining, petrochemicals, storage and trade.
REFINING: Singapore has a refining capacity of about 1.3 million barrels per day. Its refineries get about 60 percent of their crude oil from the Middle East while the rest is imported from West Africa and its Asian neighbours, including Indonesia, Vietnam and Malaysia. The crude is refined and sent abroad — the bulk of it to Indonesia, while a huge amount also goes to Australia and New Zealand, and north to Hong Kong and China.
CHEMICALS: Singapore ranks among the top 10 petrochemical centres in the world. Its chemicals cluster was worth S$75 billion in 2006 and it is attracting new petrochemical investments. Shell broke ground on an 800,000 tonne-per-year complex in 2006. ExxonMobil is expected to take a decision on a second cracker this year.
TRADE: Singapore is one of the top three oil trading and price discovery centres in the world, behind only New York and London. Oil trading has grown significantly, with about US$500 billion of trade channelled through Singapore each year.
STORAGE: The government expects petroleum storage capacity in Singapore to more than double in the next two to three years. The government is building a massive underground storage — called the Jurong Rock Caverns — on Jurong Island, which is expected to be operational by 2011.
BUNKER: Singapore has the world’s biggest shipping fuel industry, with 26 million tonnes of bunker delivered last year.