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Why in Singapore ?Singapore has a highly developed trade-oriented market economy with considerable government interests in the energy sector participation . Singapore's economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world, in terms of Purchasing Power Parity (PPP).
Manufacturing/Ship repair/Ship Conversion and financial business services accounted for 26% and 22%, respectively, of Singapore's gross domestic product in 2000. Singapore is considered a global financial hub, with Singapore and major international banks offering world-class corporate and project finances to the Energy sector in both local and international currencies |
Singapore is the pricing centre and leading oil trading hub in Asia. The Energy industry makes up 5 per cent of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. In 2007 it exported 68.1 million tonnes of oil. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing. Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers.
