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Last Updated: July 2016

Overview


Map of Singapore
Map of Singapore
  • Singapore’s strategic location between the Indian and Pacific Oceans and near the Strait of Malacca has allowed it to become one of Asia’s major petrochemical and refining centers and oil trading hubs.
  • Singapore has world-class refining, storage, and distribution infrastructure, and Jurong Island on the southern edge of the country is the center of Singapore’s petrochemical industry. Several major international energy companies operate retail networks in the area. Singapore’s government plans to promote long-term growth in refining capacity and oil storage capacity in order to maintain its market position as a refining and oil-trading leader.
  • Singapore has no indigenous hydrocarbon reserves and must import all its crude oil and natural gas. In 2015 Singapore's total primary energy consumption included approximately 87% of crude oil and petroleum products, 13% of natural gas, and less than 1% of other fuel sources, according to the recent BP Statistical Review of World Energy.

Petroleum and other liquids

  • The country has a total crude refining capacity of about 1.4 million barrels per day (b/d) at three refineries, according to FACTS Global Energy. In 2015, Singapore imported approximately 1 million b/d of crude oil with the vast majority sent from the Middle East and Southeast Asia, according to the Singapore government. Imported crude oil is used mostly in the petrochemicals and refining sector.
  • In 2015, Singapore ranked third worldwide for exports of refined oil products, with more than half of its exports going to Malaysia, Indonesia, and China.
  • Singapore is the world’s largest bunkering port. The country consumed nearly 830,000 b/d of fuel oil in 2015, a vast majority which serves the country’s bunker fuel demand.
  • Singapore Petroleum Company (SPC), the country’s biggest national energy firm, is involved in downstream activities, such as distribution and marketing, and it co-owns one of the largest refineries in the country. SPC also holds working interests in several production sharing agreements in Southeast Asia. PetroChina, an arm of the state-owned China National Petroleum Corporation (CNPC), purchased SPC in January 2010. Chevron’s Caltex, ExxonMobil, and Royal Dutch Shell also have high levels of investment in Singapore’s energy sector, including many petrochemical and refining assets.

Natural gas

  • Singapore’s government has promoted the use of natural gas over the past several years. Singapore’s natural gas consumption increased from 230 billion cubic feet (Bcf) in 2005 to 400 Bcf in 2015, according to BP Statistical Review of World Energy. Over the same period, the share of natural gas in Singapore’s electricity generation fuel mix increased significantly from 74% to 95% as many gas-fired generators have replaced the use of oil-fired generators.
  • The government intends to rely exclusively on liquefied natural gas (LNG) imports by 2024, following the expiration of several gas pipeline import contracts. Until Singapore commenced its first LNG regasification terminal in 2013, Malaysia and Indonesia supplied all of Singapore’s natural gas demand via pipelines. Singapore’s sole LNG receiving terminal at Jurong Island currently has a capacity of 292 Bcf, and is expected to expand to at least 535 Bcf by 2018. The terminal has the potential for a capacity of 730 Bcf with the use as many as seven tanks. LNG imports are expected to diversify Singapore’s import sources.
  • Singapore has shown interest in adding two floating storage and regasification units (FSRU) by inviting tenders from consultants to carry out feasibility studies at potential sites.
  • Singapore aims to become a regional LNG trading hub and has created an index to perform spot pricing for LNG. Singapore’s only LNG regasification terminal has facilities with the ability to transfer LNG from ocean liners to smaller vessels, which can access more regional terminals. The terminal also has storage and reloading capabilities, so LNG can be unloaded, temporarily stored, and eventually delivered to its final destination. However, Singapore’s small infrastructure compared to that of other Asian importing LNG countries could challenge its becoming a major LNG trading hub.
  • Singapore is also looking to supply LNG bunker fuel to vessels by early 2017. The Maritime and Port Authority (MPA) of Singapore is funding the construction of six LNG-fueled vessels. Also, the MPA is attempting to create national and international standards and procedures for LNG.

Electricity

  • Currently, 95% of Singapore’s electricity is produced using natural gas, while the rest is produced by coal, oil, municipal waste, and solar.
  • Singapore is limited in terms of cost-effective and reliable renewable energy sources. Solar photovoltaic is the only renewable energy source with potential to make an impact on the energy grid. The Singaporean government has committed to raising installed capacity of grid-connected solar energy from 71 megawatts (MW) in the first part of 2016 to 350 MW by 2020.
  • Singapore utility company Pacific Light Energy (PLE) created a partnership with a solar manufacturing complex to provide hybrid electricity, which is a combination of solar energy and natural gas sources.