Beyond Shell’s refinery sale, Singapore’s oil industry faces more existential questions
The Republic’s sustainability journey implies not just the exit of oil majors, but a wholesale shift away from a key industrial sector
Add BT as a preferred source
ON MAY 8, global oil giant Shell announced that it was selling its Singapore assets on Pulau Bukom and Jurong Island. Following the announcement, market watchers were quick to say that the deal does not compromise Singapore’s status as an oil hub.
After all, the Singapore facilities were not shuttered and will still be operated by the buyer: a joint venture between commodity trader Glencore and a unit of Indonesian petrochemical giant Chandra Asri.
Yet, the exit of such a major player from refining activities here has nonetheless raised questions about whether Singapore’s rising carbon tax might result in further departures.
TRENDING NOW
Not in education, employment or training: Why more Hong Kong youths are opting out of work
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering
Can Labubu and Pop Mart survive the future?
