S Iswaran, Singapore’s minister of state for trade and industry, has said that this would create the liquidity needed for anchoring oil trading and price discovery activities.
Among other initiatives, the government plans to integrate biofuels into the Singapore oil industry and carry out R&D in the fields of lubricants, process optimization, catalyst development, development of next-generation biofuels and so on.
Growing our refining capacity and developing the biofuels sector will help Singapore stay in the game, Mr Iswaran said in a speech at a petroleum conference, as cited by Platts.
