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28DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024HessCorporationtoldEnergyAsiaWhenitcomes tocleanenergy the worldneeds toinvestUS$4trillionayearheaddedanditsnowherecloseRedLetter YearForSingaporeChemicalIndustryAnenergyandchemicals(E&C)hubSingaporehasreapedthebenefitsoftheindustryscontinualexpansionJurongIslandishometomorethan100companieswithinvestmentsamountingtoaboutS$50billionemployingsome26000ChemicalscomeonlysecondtoelectronicsasarevenuegeneratorinSingaporesmanufacturingsectorIn2022bolsteredbyhighenergypriceschemicalindustry outputrose25% to an all-timehighofS$1195billionsurpassingthepreviousrecordofS$1023billionin2014Petroleumledthewaygaining517%toS$534billionfollowedbypetrochemicalsat437%toS$425billionspecialities149%andothers33%Onaverage theglobalbenchmarkBrentcrudeoil traded atUS$10093 per barrel anincrease of42%over2021and141%over2020followingRussiasinvasionofUkraineonFeb242022AkeyexporterRussiasdecisionandtheWesternallianceresponseheightenedsupplyconcernsatatimewhenglobalinventorieswerelowOnMarch8BrentrosetoahighofUS$139perbarrelalevelnotseensince2014 following theUSbanonRussianoilexports2022wasalsoahighlyprofitableyearformanyfossilfuelcompaniesasrevenuessoaredonfuelpricespikeAccordingtotheIEANetincomefromfossilfuelsalesmorethandoubledcompared withtheaverageinrecent years withglobaloilandgasproducersreceivingaroundUS$4trillionButamideconomicuncertaintiesenergypriceshavesinceeased from theseloftyheightsIndustryScalesUpTheE&CindustryhascontinuedtoexpanditspresenceinSingaporeAmongthenewcomersareBakerHughesandCariflexIn JulyBakerHughes openedits first chemicalfacilityintheregionona40000sqmetresiteinJurongIslandaspartofitsstrategytosourceandproducechemicalsclose tokeymarkets TheSingaporefacilitywhichincludes45chemicalbulkstorage tanks fivereactors threeblendersalaboratoryandawarehousehasthecapacitytoproduce55000metrictonsofchemicalsperyearThefacilitywillprocessanestimated300rawmaterialsproduce175intermediatesand300blendsforproductsTheplantiswellalignedwithSingaporesfocusoncapturinggrowthinthehighvalueaddedspecialtychemicalssectorandbuildingastrongtalentpipelinelocallyforthesectorAsBakerHughesfirstchemicalsfacilityintheAsia-PacificregiontheplantwillalsoaddtoJurongIslandsthrivingecosystemofenergyandchemicalscompaniesnotedMrGanKimYongMinister forTradeandIndustryaguestattheopeninginaLinkedInpostCariflex (Singapore) is constructing the worldslargestandSingaporesfirstpolyisoprenelatexplantona61-hectaresiteonJurongIslandOperationalin the secondhalfof2024 theplantwillbedevelopedintwophasesatthecostofoverS$350millionAwhollyownedsubsidiaryofSouthKoreasDLChemicalCoLtdCariflexmoveditsheadquarterstoSingaporein2020ItalsohasplantsinJapanandBraziltomanufacturethesyntheticwater-basedpolymerlatexAnalternativetonaturallatexpolymerlatexhaswideapplicationsincludingsurgicalglovesandcondoms
