Jurong Island: In search of a new miracle
With net zero on the horizon and Shell mulling an exit, the industry powerhouse is struggling to retain its competitive advantages. But why struggle when it can bet big, like it once did?
WORD has it that where Big Oil produces, dozens follow. It almost never happens that the oil giants would choose to coexist their refineries in one place, but when they do, magic happens.
Each supermajor draws its village of large chemical producers, and these villages will most certainly spark a chain reaction of investments – from gas suppliers and storage operators to utility and logistics players, all wanting a piece of the action.
This was how Jurong Island struck gold over the past 30 years, attracting more than S$50 billion in investments to the sleepy backwaters of Singapore – a tiny island-state with no oil or gas reserves to call its own – as over 100 companies across the chemical production value chain cosied in.
Copyright SPH Media. All rights reserved.
