More national oil companies may set up in Singapore

Singapore

MORE national oil companies (NOCs) could set up shop in Singapore as they look to commercialise and become more similar to international oil majors, partners at consultancy EY said Tuesday afternoon.

This phenomenon follows in the wake of a prolonged slump in crude oil prices that has hurt oil producers - by way of their NOCs - hard in terms of the impact on those countries' economies and societies, they added.