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SLNG mulls fifth tank as LNG trade turns more liquid

03 Nov 2018
Image: BT FILE PHOTO SINGAPORE LNG Corp (SLNG) plans to sound out the market on the demand for a fifth storage tank at its terminal on Jurong Island. The move is coming on the back of surges in LNG trading activity, mainly backed by China’s enormous appetite for the cleaner burning fossil fuel and a renewed push to sanction more LNG supply projects. SLNG intends to issue a non-binding expression of interest this year or early next year to determine if “there is any real demand for additional liquefied natural gas (LNG) storage capacity”. It emphasised that this upcoming exercise is just “an initial exploratory step”. The market responses will go towards a decision on whether to pursue the construction of the fifth tank. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/slng-mulls-fifth-tank-as-lng-trade-turns-more-liquid

ExxonMobil commits US$10m as founding partner of SgEC

01 Nov 2018
PHOTO: REUTERS ExxonMobil has committed US$10 million in funding over five years as founding partner of the new Singapore Energy Centre (SgEC) led by Nanyang Technology University and National University of Singapore. This is the first research centre partnership for the supermajor outside the US, and will focus on scaling up new energy solutions. It aims to overcome the dilemma of fuelling economic expansion and mitigating risks of climate change especially in fast-growing Asia. The SgEC is a consortium funded by industry members which leverages the combined expertise and capabilities of the two universities to co-develop early stage and near-term energy solutions for the manufacturing sector. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/exxonmobil-commits-us10m-as-founding-partner-of-sgec

Collaborations key to going global

30 Oct 2018
INTERNATIONALISATION has been a focus of Singapore and local enterprises for decades. In fact, Singapore companies engaged in overseas business activity has risen to an all-time high (83 per cent), according to the Singapore Business Federation (SBF) National Business Survey 2017/2018. Despite this encouraging trend, SMEs are still facing challenges in upgrading their capabilities and conquering new ground. Enterprises’ collaborations can be key to encourage more SMEs to internationalise and play a bigger role on the global scene. To read more, please click on the following link(s): https://www.businesstimes.com.sg/sme/collaborations-key-to-going-global

Novartis, Pfizer join forces on potentially lucrative fatty liver disease

29 Oct 2018
PHOTO: REUTERS Novartis AG and Pfizer Inc are teaming up to develop treatments for a liver disease many drug companies believe will become a hugely lucrative market, as it is tied to the obesity and diabetes epidemics. The Swiss and US drugmakers announced on Monday that they will collaborate to develop combination therapies involving medicines they have been working on separately to treat nonalcoholic steatohepatitis, or NASH. Though hardly a household name, the progressive fatty liver disease with no approved treatments is poised to become the leading cause of liver transplants by 2020. To read more, please click on the following link(s): https://www.businesstimes.com.sg/dining-out/novartis-pfizer-join-forces-on-potentially-lucrative-fatty-liver-disease

SPC opens storage and distribution terminal on Jurong Island

26 Oct 2018
SINGAPORE Petroleum Company (SPC), a wholly owned subsidiary of PetroChina International (Singapore), announced on Friday the completion of its new storage and distribution terminal on Jurong Island. Spanning 33,000 square metres, the Jurong Island Terminal stores and distributes petroleum products to SPC’s network of service stations and its commercial customers. The site has a total capacity of 50,000 cubic metres spread across 10 storage tanks. The facility is located next to SPC’s joint venture refinery, and is connected to the refinery via three transfer pipelines. The terminal’s eight automated bottom loading bays allow truck operators to independently operate the loading facility with ease. By adopting a bottom loading feature, the terminal will have greater control over the flow rate, which SPC says substantially increases the overall handling capacity and delivers more products quickly. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/spc-opens-storage-and-distribution-terminal-on-jurong-island

Industry 4.0: Are businesses stepping up to be future-ready?

25 Oct 2018
FILE PHOTO (THE BUSINESS TIMES) THE inaugural Industrial Transformation Asia-Pacific (ITAP), a Hannover Messe event, concluded in Singapore recently. As business leaders, experts, government representatives and other stakeholders gathered to discuss Industry 4.0, what emerged clear to all – including me as a panelist of the Asia Industry 4.0 Dialogue – was that technology adoption across Asia remained uneven. Is this a case of change not happening? Far from so. Industry 4.0 is very much an evolution rather than a revolution. Even as we speak, industries are transforming. Today, it is not a question of whether businesses are future-ready; it is whether businesses realise the implications of not participating in the fourth industrial revolution when it will move on regardless of their actions. To read more, please click on the following link(s): https://www.businesstimes.com.sg/opinion/industry-40-are-businesses-stepping-up-to-be-future-ready

For pharma, volatility and value are two sides of the same coin

25 Oct 2018
PHOTO: AFP FOR the four months to July, Singapore’s export-oriented drug industry notched up double-digit yearly growth, while July exports surged a stunning 109 per cent – yet industry players are hard put to forecast a consistent trajectory. Rather, the prognosis for the notoriously volatile sector is for it to hold “steady”. Given the growing regional demand, and the resources pumped in amid strong regulatory support, why is the sector so volatile? The answer lies in the dynamics of the business. Pharmaceuticals are highly vulnerable to base-effect blips, no thanks to issues such as inventory stockpiling or changes in drugmaker portfolios. To read more, please click on the following link(s): https://www.businesstimes.com.sg/government-economy/for-pharma-volatility-and-value-are-two-sides-of-the-same-coin

Australia’s WorleyParsons to buy Jacobs energy, resources arm for US$3.3b

23 Oct 2018
US firm Jacobs Engineering Group Inc has agreed to sell its energy, chemicals and resources business to WorleyParsons for US$3.3 billion, in a deal that will double the size of the Australian engineering services firm. The deal continues a shake-up of the engineering services industry, following Jacobs’ US$3.3 billion purchase of rival CH2M Hill Cos Ltd last year and the £2.2 billion (S$4 billion) takeover of Amec Foster Wheeler by UK oilfield services firm John Wood Group. It comes as WorleyParsons emerges from a three-year downturn following the oil price crash, and positions it to tap growth in the refining and petrochemical sectors, with countries such as India building massive new plants. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/australias-worleyparsons-to-buy-jacobs-energy-resources-arm-for-us33b

Collaboration crucial for Industry 4.0 to take off

17 Oct 2018
INDUSTRY 4.0 is a challenge as it will lead to fewer manufacturing jobs in the long term, even as it holds “immense opportunities” for countries and businesses around the world, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam on Tuesday. “There will be much higher-quality jobs, but they will not be as many,” he noted. He was giving the opening address at the inaugural Industrial Transformation Asia-Pacific – a Hannover Messe event, slated to be the biggest advanced manufacturing trade show in the region. Even as Singapore makes strides in its Industry 4.0 journey, Mr Tharman pointed out that there is a need to create quality jobs outside of manufacturing to ensure that the future remains “job-rich” in every sector of the economy. To harness the full potential of Industry 4.0, collaboration between countries, industries and the public and private sectors is key, he said. To read more, please click on the following link(s): https://www.businesstimes.com.sg/asean-business/collaboration-crucial-for-industry-40-to-take-off-tharman

BP says bye to low prices as it plans projects for oil over US$60

11 Oct 2018
PHOTO: REUTERS BP boss Bob Dudley, among the first to say oil will stay lower for longer, is becoming more confident. In a sign of the improving times, the British oil major is now planning its investments at US$60-65 a barrel oil, raising it from US$50-55 last year, Dudley said Wednesday at the Oil & Money conference in London. While he doesn’t expect sustained prices of $85, it’s unlikely to plummet again. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/bp-says-bye-to-low-prices-as-it-plans-projects-for-oil-over-us60

What US$100-a-barrel oil would mean for the world economy

01 Oct 2018
RISING oil prices are prompting forecasts of a return to US$100 a barrel for the first time since 2014, creating both winners and losers in the world economy. Exporters of the fuel would enjoy bumper returns, giving a fillip to companies and government coffers. By contrast, consuming nations would bear the cost at the pump, potentially fanning inflation and hurting demand. The good news is that Bloomberg Economics found that oil at US$100 would mean less for global growth in 2018 than it did after the 2011 spike. That is partly because economies are less reliant on energy and because of the shale revolution cushioning the US. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/what-us100-a-barrel-oil-would-mean-for-the-world-economy

Vopak to invest 40m euros to meet new marine fuel rules in 2020

26 Sep 2018
PHOTO: VOPAK DUTCH oil and chemical storage company Vopak said it is investing 40 million euros (S$64.3 million) globally to cater for the flexibility and capacity to meet the refuelling needs of marine vessels when the International Maritime Organization’s (IMO) global sulphur cap comes into force. … Senior Minister of State for Trade and Industry Koh Poh Koon noted that Vopak has chosen Singapore to spearhead four of its eight global digital lighthouse projects. Its Singapore team will lead the development of new innovations through a combination of Internet of Things, robotics and analytics in the area of marine handling, asset inspection and maintenance, predictive maintenance and truck handling. Vopak aims to improve productivity by at least 30 per cent with the successful implementation of these projects, Dr Koh said. Singapore is one of four major hub locations in Vopak’s global network, second just to its home base in Rotterdam. Vopak has invested over S$1.8 billion in Singapore since it first set foot on the Republic 35 years ago. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/vopak-to-invest-40m-euros-to-meet-new-marine-fuel-rules-in-2020

The game-changing oil and gas pipelines in Kyaukphyu, Myanmar

13 Sep 2018
A huge petrochemical facility is up in Kyaukphyu, in Rakhine State in Myanmar. Built by China National Petroleum Corporation as part of the Belt and Road Initiative, it poses threat to the logistical flows of oil and gas supplies to China, and affects petrochemical industries across the Straits of Malacca, including Singapore. Read more at: https://www.channelnewsasia.com/news/cnainsider/the-game-changing-oil-and-gas-pipelines-in-kyaukphyu-myanmar-10708998

Shell invests in new tanks on Jurong Island

05 Sep 2018
SHELL is investing in new storage capacity for output from its giant petrochemical complex on Jurong Island. The supermajor has penned an agreement with privately owned Oiltanking Singapore Chemical Storage (OTSC) for the lease on two more propylene storage tanks on Jurong Island. OTSC is an independent storage provider that handles petrochemical products and runs a terminal on Jurong Island. The agreement with Shell called on OTSC to construct the two new tanks, which will incorporate additional pumps and ancillary equipment, allowing integration with existing propylene logistics facilities. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/shell-invests-in-new-tanks-on-jurong-island

Singapore Chemicals 2018

27 Aug 2018
The long wait for the GBR’s 2018 Singapore Chemicals pre-release edition is now available! Taking the milestone to a newer height, GBR is researching the island state’s integrated chemicals ecosystem for the fourth time till date. This preliminary study includes insights from government, key associations, MNCs and local SMEs. GBR’s final research will be released as the Singapore Chemicals 2018 Industry Explorations guide at a number of key global events and launched in August at APIC in Kuala Lumpur. The chemical industry has been the focal point when it comes to world’s concerning issues from the need for sustainable nutrition and wellness, to lower emission vehicles. Manufacturers are finding themselves in a position of having to adapt to increasingly sophisticated consumer demands or surrendering market share. For read more, please visit the following link: https://www.gbreports.com/files/pdf/_2018/Singapore_Chemicals_2018_Pre-Release_pdf.pdf

ExxonMobil starts up world’s largest resin plant

22 Jun 2018
PHOTO: EXXONMOBIL EXXONMOBIL has started production at two new multi-billion dollar plants, producing petrochemicals used in adhesives and manufacturing tyres. The first plant, the world’s largest of its kind, has an annual output of 90,000 tonnes of the company’s proprietary product, Escorez hydrogenated hydrocarbon resins, the supermajor said on Thursday. Hydrogenated hydrocarbon resins are used in hot-melt adhesives, typically used in packing, or baby diapers. The second plant will produce premium halobutyl rubber used in the manufacturing of tyres. It is built to produce 140,000 tonnes of this product each year. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/exxonmobil-starts-up-worlds-largest-resin-plant

Jurong Region Line, Singapore’s 7th MRT line, to open in three phases from 2026

09 May 2018
THE Jurong Region Line (JRL), which will serve residents in Choa Chu Kang, Boon Lay and future developments in the Tengah area, will have 24 stations and open in three phases starting from 2026. The 24km-line, which will be above ground entirely, will also link up to the North-South Line at Choa Chu Kang and the East-West Line at Boon Lay. Details of the island’s seventh MRT line were announced on Wednesday by Transport Minister Khaw Boon Wan, who said the JRL will improve the resilience of the entire MRT network. He said the two interchange stations at Choa Chu Kang and Boon Lay will offer commuters alternative travel routes, redistributing and relieving train loading between Choa Chu Kang and Jurong East stations so commuters can have more comfortable rides. The JRL, Mr Khaw said, will go towards achieving the Government’s vision for Jurong. It will help develop the Jurong Lake District into the largest commercial hub outside the Central Business District and support the development of the Jurong Innovation District. The new MRT line will connect to places such as Nanyang Technological University, Jurong Industrial estate, including Jurong Island and the future Jurong Gateway. To read more, please click on the following link(s): https://www.businesstimes.com.sg/transport/jurong-region-line-singapores-7th-mrt-line-to-open-in-three-phases-from-2026

PCS opens US$80m naphtha import facilities on Jurong Island

15 Mar 2018
PETROCHEMICAL Corporation of Singapore (PCS) on Wednesday marked the official opening of its US$80 million naphtha import facilities on Jurong Island, a project first announced two years ago in 2016. PCS’s newest installation includes eight storage tanks totalling some 240,000 cubic metres of capacity, a 120,000 deadweight tonnage (DWT) liquid berth capable of handling large vessels transporting naphtha, and associated facilities. In previous reporting by the Nikkei Asian Review, the berth will be able to dock tankers with a capacity of 50,000 to 70,000 tonnes, doubling the size that can be accommodated. This will cut drop-offs by naphtha tankers to once every eight to 10 days, from once every four to five days. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/pcs-opens-us80m-naphtha-import-facilities-on-jurong-island-0

SRC completes US$500m upgrade on Jurong Island

20 Feb 2018
SINGAPORE Refining Company (SRC), the smallest of Singapore’s three refineries, has completed its new petrol clean fuels facility and cogeneration plant on Jurong Island at the cost of US$500 million. The project, which received final investment decision in 2014, has resulted in greater energy efficiency, higher-quality products and reduced emission of sulphur oxides, said SRC. By generating its own steam and electricity more efficiently, the company also indirectly reduces carbon dioxide emissions by 190,000 tonnes a year. The plant employs 34 engineers and technicians. To read more, please click on the following link(s): https://www.businesstimes.com.sg/energy-commodities/src-completes-us500m-upgrade-on-jurong-island-0

Linde to invest S$30m in Singapore digital technologies hub

06 Feb 2018
GERMAN gas and engineering company Linde Group has launched a S$30 million Singapore-based initiative to spur the digital transformation of its plants and business processes across the region. The Asia Pacific Digitalisation Hub, as it is called, is the company’s first such centre outside Germany. The hub will develop and test-bed solutions for the company’s regional as well as global operations. In line with this digital push, the company also intends to make “substantive investments” in the coming years to turn its gas production plant on Jurong Island into a “plant of the future”, said chief operating officer for Asia-Pacific Sanjiv Lamba. To read more, please click on the following link(s): https://www.businesstimes.com.sg/companies-markets/linde-to-invest-s30m-in-singapore-digital-technologies-hub
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