Lanxess reiterates concern about Singapore's energy costs

Singapore

ENERGY costs in Singapore could become the Achilles heel of the petrochemical industry here in the long term, the top honcho of a multinational chemical firm has warned, even as it opened a new plant that affirms its commitment to Singapore and Asia for the long haul.

"The situation, compared to 12 months ago, is better, but energy competitiveness in Singapore will be detrimental in the long term for the petrochemical industry here," said Lanxess chairman Matthias Zachert in an interview.

There have been "massive" improvements in Singapore's energy prices in the past year, but it does not mean that they are now more competitive than t…