Royal Dutch Shell PLC announced late last year it would slash capacity by half at its biggest oil refinery. For Singapore, where the plant has been a mainstay of the economy for six decades, it marked a turning point in one of the most successful bets on fossil fuels in history.
The plant on Bukom Island is part of a massive refining and petrochemical industry built largely on reclaimed islands just off the city-state. In tandem with the cargo vessels they fueled, the refineries helped drive Singapore¡¯s economic success after independence, attracting billions in investment and spawning businesses from plastics to rig construction and finance.
¡°We¡¯ve come a long way as a result of the energy and chemical sector,¡± said Tan See Leng, Singapore¡¯s labor minister and second minister for trade and industry. ¡°The key thing is not to completely sort of move away, but to see how we can pivot, how we can transform.¡±
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.