Singapore: Downstream linkages
Singapore’s development since the 1960s has relied heavily on an export-led economic strategy supported by dedicated institutions providing guidance, fiscal incentives and a thriving financial and logistics sector. With little reserves of crude oil, the country has leveraged its unique geographical position as the gateway to Asian markets with world-class port infrastructure. It has attracted a number of large-scale oil refineries and petrochemical industries clustered in an export processing zone, making it the petroleum trading hub of the region.
Building on Royal Dutch Shell’s initiative to set up a refinery to exploit the Asian market and taking advantage of its port facilities and strategic location in the Asia-Pacific region, the government implemented an export-driven industrial policy centred around refined oil products. The success over the years has been sustained thanks to the strong fuel consumption trends in rapidly growing Asian economies. Recognizing a shift in the region’s product demand trends, the government has moved further downstream by developing the petrochemicals sector.
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More About This Work
- Academic Units
- Columbia Center on Sustainable Investment
- International Institute for Sustainable Development
- Published Here
- May 22, 2020