Singapore Mineral Fuels & Oils

Singapore is a major global hub for mineral fuels and oils, with a highly developed industry spanning refining, trading, bunkering, and petrochemicals. Despite having no domestic oil reserves, its strategic location and advanced infrastructure have allowed it to become a leader in the international energy market.

Key roles in the mineral fuels and oils industry

Refining hub

Singapore is one of the top refining and export hubs in the world. It imports crude oil and exports a range of refined products, with a combined refining capacity of over 1 million barrels per day.

• Major refineries: Major facilities include ExxonMobil's Jurong Island complex, Shell's Pulau Bukom site, and the Singapore Refining Company, a joint venture between PetroChina (the parent of Singapore Petroleum Company) and Chevron

Trading and bunkering

The city-state is a leading center for physical oil trading and is the world's largest bunkering port, supplying fuel for ships.

• Strategic location: Its position near the Straits of Malacca and the South China Sea makes it a key transit point for global energy trade.

• Major traders: Large international trading houses, such as Trafigura and Repsol, have major operations in Singapore

Petrochemicals

Singapore has built a massive, integrated petrochemical complex on Jurong Island, where over 100 international firms produce chemicals from petroleum and natural gas.

• Integrated cluster: Companies are connected by pipelines, creating synergies and reducing logistics costs.

• Major players: Leading firms include ExxonMobil and Shell, which have integrated their refining and petrochemical operations on Jurong Island

Trade overview

In 2023, mineral fuels and oils were one of Singapore's top traded products, showing a large import volume that is re-exported as higher-value refined products.

• Total trade (2023):

  • Exports: $58.6 billion, making it the 16th largest exporter globally in this category.

  • Imports: $94.2 billion, ranking as the 9th largest importer.

• Key products traded:

  • Refined petroleum: Singapore was the second-largest exporter and importer of refined petroleum globally in 2023.

  • Crude petroleum: Singapore is a significant importer of crude oil for its refineries, with major suppliers including the United States, United Arab Emirates, and Qatar.

  • Petroleum gases: These are also a major import and export, with Indonesia and Australia being key suppliers

Adapting for the future

As part of its long-term energy strategy, Singapore is working to remain a competitive energy hub while transitioning to a lower-carbon future.

• Expanding LNG capabilities: The country has an operational liquefied natural gas (LNG) import terminal and is developing a second one to ensure supply security.

• Low-carbon fuels: Singapore is exploring low-carbon alternatives, with plans for new hydrogen-ready power plants and pilot projects for emerging technologies.

• Renewable energy: Floating solar panels are being installed on reservoirs and rooftops to increase renewable energy generation