Support of trusted regional partners key to securing energy needs: PM Wong

SINGAPORE - Singapore will do its part to shore up regional resilience amid the ongoing fuel crisis but it cannot secure its energy needs without the help of trusted partners in the region, said Prime Minister Lawrence Wong.

Resilience, he added, must be built collectively.

At an online summit with regional leaders, PM Wong, who is also Finance Minister, said no country can secure energy needs on its own.

That is why Singapore values the mutual support and assurance from trusted partners like Australia, Japan and ASEAN member states, he said.

In remarks delivered at the Asia Zero Emission Community Plus online summit, PM Wong said everyone is deeply concerned about the ongoing conflict in the Middle East, and the continued closure of the Strait of Hormuz.

Asia is particularly vulnerable to energy disruptions because countries in the region rely heavily on imported energy, he added.

He said: “As a trading nation, we will facilitate the continued flow of essential goods through Singapore by keeping our ports and trading links open, just as we did during the Covid pandemic.

“As a maritime hub, we will continue to uphold the navigational rights and freedoms enshrined in the United Nations Convention on the Law of the Sea, which enable the steady flow of global trade across critical sea lanes.”

Singapore, as an oil trading and refinery export hub, will do what it can to secure alternative “upstream feedstock”, so that the sector can continue to supply refined fuel products to markets around the world, he added.

Upstream feedstock can refer to crude oil, natural gas and natural gas liquids, before processing.

The summit, chaired by Japanese Prime Minister Sanae Takaichi, included regional leaders such as Indian External Affairs Minister S. Jaishankar and South Korean Prime Minister Kim Min-seok.

ASEAN leaders – including Malaysian Prime Minister Anwar Ibrahim, Vietnamese Prime Minister Le Minh Hung and Philippine President Ferdinand Marcos Jr – also attended the virtual meeting.

Representatives from the Asian Development Bank, Economic Research Institute for ASEAN and East Asia, and the International Energy Agency took part as well.

In his speech, PM Wong also welcomed the assistance package launched by Ms Takaichi on April 15, which will provide a total of US$10 billion (S$12.7 billion) in financial support to South-east Asian nations struggling with surging crude oil prices amid tensions in the Middle East.

He said the package will provide “timely and practical support for Asian countries to strengthen their energy supply chain”.

“At the same time, we must look beyond the immediate crisis to prepare for future shocks,” he added.

PM Wong said Singapore supports the upgrade of the Asia Zero Emission Community, with a stronger focus on strengthening economic and energy resilience in the region.

But that does not mean stepping back from the community’s original goal of achieving net-zero emissions, he added.

“Rather, it reflects a clear recognition that energy security and decarbonisation must go hand in hand,” he said.

Efforts to achieve energy efficiency, diversify energy sources, and make systems more resilient against future disruptions should continue, PM Wong added.

It is also worth pushing forward with concrete regional initiatives that support shared goals, including the ASEAN Power Grid plan.

The grid aims to link the electricity networks of the ASEAN members to enable cross-border power trading and ensure a reliable energy supply in the region.

Said PM Wong: “If we act together, we can develop a stronger energy architecture for our region and build energy systems that are not just cleaner, but also more secure and resilient.

“Singapore stands ready to work with fellow Asia Zero Emission Community members and partners to make this a reality.”