The energy and chemicals industries will continue to play a key role in Singapore's growth, but the Republic is conscious that these sectors are land-intensive and have an environmental impact, said Prime Minister Lee Hsien Loong.
He was speaking at a ceremony at the Istana on Thursday to honour petroleum company Royal Dutch Shell for its contributions to the Singapore economy.
The global oil giant was presented with the inaugural Honorary Partner in Progress award. It had previously been given the Distinguished Partner in Progress Award for its investments and contributions to Singapore.
Singapore will ensure a supply of land for future development and also find ways to optimise land use - for instance, using the Jurong Rock Caverns for underground storage, said Mr Lee.
The Republic will also work to reduce emissions of both greenhouse gas and local pollutants, and grow oil-related sectors sustainably, he added.
Shell has over 3,200 staff in Singapore and pioneered Singapore's first oil storage installation back in 1891. In 2013 Shell relocated its Integrated Gas global headquarters here, enhancing Singapore's position as a leading gas hub. Shell has also announced new investments on Jurong Island.