Review of Oil and Gas Industry's Presence in Singapore

Debated in Parliament on 3 Aug 2023.

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Minister Gan Kim Yong highlighted that the Energy and Chemicals sector contributes over S$90 billion to manufacturing output and employs more than 25,000 workers, with the government regularly reviewing strategies to align with Singapore’s net-zero target for 2050.
The government closely monitors sector developments and works with stakeholders to address challenges, though no specific recent review of the oil and gas industry’s presence was explicitly mentioned.
Potential impacts of a key company exit, such as Shell, on suppliers and ancillary services were acknowledged as a concern, but detailed mitigation plans were not outlined in the response.

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Chua Kheng Wee Louis

Mr Chua Kheng Wee Louis asked the Minister for Trade and Industry (a) whether the Ministry has conducted a recent review of the oil and gas industry's presence in Singapore; (b) what is the expected impact of a potential exit by a key oil and gas company, such as Shell, on the industry; (c) what are the downstream implications such an exit may have on suppliers and ancillary service providers; and (d) whether the Ministry has any plans to mitigate any impact of such an exit.

Gan Kim Yong

The Energy and Chemicals sector is an important sector which contributes more than S$90 billion to Singapore’s manufacturing output and employs more than 25,000 workers. At the same time, it also creates products for the world.

The Government closely monitors the developments in this sector and regularly reviews the strategy to enhance the sector’s economic contribution in alignment with our strategic priorities, including Singapore’s net-zero target for 2050. We also work closely with key stakeholders in the sector to understand and address the challenges they face.

Summary written by AI (learn more)

Minister Gan Kim Yong highlighted that the Energy and Chemicals sector contributes over S$90 billion to manufacturing output and employs more than 25,000 workers, with the government regularly reviewing strategies to align with Singapore’s net-zero target for 2050.
The government closely monitors sector developments and works with stakeholders to address challenges, though no specific recent review of the oil and gas industry’s presence was explicitly mentioned.
Potential impacts of a key company exit, such as Shell, on suppliers and ancillary services were acknowledged as a concern, but detailed mitigation plans were not outlined in the response.

Questions identified by AI (learn more)

Review of Oil and Gas Industry's Presence in Singapore | PAPERCUTS

Review of Oil and Gas Industry's Presence in Singapore

Debated in Parliament on 3 Aug 2023.

Summary written by AI (learn more)

Minister Gan Kim Yong highlighted that the Energy and Chemicals sector contributes over S$90 billion to manufacturing output and employs more than 25,000 workers, with the government regularly reviewing strategies to align with Singapore’s net-zero target for 2050.
The government closely monitors sector developments and works with stakeholders to address challenges, though no specific recent review of the oil and gas industry’s presence was explicitly mentioned.
Potential impacts of a key company exit, such as Shell, on suppliers and ancillary services were acknowledged as a concern, but detailed mitigation plans were not outlined in the response.

Questions identified by AI (learn more)

Full Transcript

Chua Kheng Wee Louis

Gan Kim Yong

Summary written by AI (learn more)

Minister Gan Kim Yong highlighted that the Energy and Chemicals sector contributes over S$90 billion to manufacturing output and employs more than 25,000 workers, with the government regularly reviewing strategies to align with Singapore’s net-zero target for 2050.
The government closely monitors sector developments and works with stakeholders to address challenges, though no specific recent review of the oil and gas industry’s presence was explicitly mentioned.
Potential impacts of a key company exit, such as Shell, on suppliers and ancillary services were acknowledged as a concern, but detailed mitigation plans were not outlined in the response.

Questions identified by AI (learn more)

Review of Oil and Gas Industry's Presence in Singapore

Summary

Questions Identified

Full Transcript

Chua Kheng Wee Louis

Gan Kim Yong

Summary

Questions Identified

Review of Oil and Gas Industry's Presence in Singapore

Summary

Questions Identified

Full Transcript

Chua Kheng Wee Louis

Gan Kim Yong

Summary

Questions Identified