THE completion of Shell’s multibillion-dollar petrochemicals complex yesterday shone the spotlight on Singapore’s large and economically important energy and chemical industry.
With output topping almost $60 billion a year, the industry accounts for about a third of total manufacturing production in Singapore, Prime Minister Lee Hsien Loong said yesterday.
But the sector produces a significant amount of environmentally damaging carbon dioxide, he added.
Therefore, PM Lee said, Singapore was closely tracking the United Nations Framework Convention on Climate Change talks, and how an international agreement to limit greenhouse gas emissions would impact Singapore.
‘There is no such agreement yet, it is still being discussed, but it’s something which is necessary for the world, which will come about at some stage and which Singapore supports,’ he said in his speech at a dinner to celebrate the completion of the Shell complex.
‘And yet within this support… in this broader context, we have to protect our interests and ensure that our economy can function and stay viable.’
He added: ‘We will strive to safeguard our interests at the talks, together with other countries which share these interests. And we will also work with the chemicals industry to improve emissions standards, to help it remain competitive and viable in Singapore.’
Fiona Chan
