SINGAPORE - Singapore has continued to attract companies to expand their global footprint from the city state, with major energy and agriculture groups building operations to trade biofuels, carbon offsets and crude.
A key goal is to grow new trade flows for renewable fuels as the global energy transition gathers pace, Minister of State for Trade and Industry Low Yen Ling said at the Asia-Pacific Petroleum Conference, organised by S&P Global Commodity Insights, on Monday.
More than 60 companies including ExxonMobil, Repsol, the Prax Group, Archer-Daniels-Midland and Bunge are trading biofuels from Singapore, Ms Low told attendees at the conference, according to a transcript of her prepared remarks.
The British-based Prax Group, for instance, has established its regional headquarters in Singapore to trade biofuels alongside traditional fuels.
Engie is also providing renewable energy certificates, carbon offsets and power purchase agreements, she said.
Overall, Singapore has more than 100 entities providing carbon services, “marking the highest concentration of such service providers in South-east Asia”, said Ms Low.
This includes international organisations such as the International Emissions Trading Association, which set up its Asia hub in Singapore in June 2023.
Ms Low noted that Singapore has made “good progress” in adopting renewable fuels in the aviation and shipping industries, citing Singapore Airlines’ efforts to pilot the use of blended sustainable aviation fuel for its flights.
The Maritime Port Authority of Singapore has also been facilitating the use of cleaner fuels such as liquefied natural gas, biofuels, ammonia, hydrogen and methanol.
“To date, over 140,000 tonnes of biofuels blends have been supplied across more than 90 biofuels bunkering operations,” she said.
Singapore is also exploring further opportunities in biofuels and working on harmonising standards to reduce barriers to the trade of biofuels, Ms Low added.
Singapore is still building on traditional fossil fuels.
Abu Dhabi National Oil Company has established its trading office in the Republic to oversee the company’s trade of crude and oil products in the Asia-Pacific region, Ms Low said.
“Singapore has made significant progress as a key trading hub for the energy sector and also in carbon trade and services,” she added. BLOOMBERG
- With additional information from The Straits Times
