The oil industry accounts for 5 per cent of Singapore’s gross domestic product.
Singapore is one of the world’s top three export refining centres, accounting for 68.1 million tonnes of oil exports in 2007 (BP Statistical Review of World Energy June 2008).
The oil industry is not a standalone industry. Refining has been the catalyst for the chemical industry, providing advantaged feedstock as well as other spin offs including oil & gas equipment and oil rig manufacturing sectors.
Singapore is Asia’s leading oil trading hub.
It is also Asia’s oil and oil product pricing centre.
It is the leading bulk liquids logistics hub in Asia and ranks amongst the top three in the world.
It is the world’s busiest marine bunkering centre, accounting for 31.5 million tons in 2007 (Maritime and Port Authority of Singapore).
