EM has invested more than S$25 billion in fixed assets in the Republic, according to the company's website. Singapore is the Asia-Pacific hub for ExxonMobil's downstream and chemical businesses and its integrated refining and petrochemical complex in the country is the group's largest such facility globally.
It is about time that we get a return on our investment for S$25 billion especially in a shrinking export market in Singapore.
Oil and petrochemicals exports are shrinking. Singapore's total merchandise trade fell last year, mainly due to a 31 per cent contraction in oil trade. Oil domestic exports contracted by 28.1 per cent while re-exports declined 5 per cent.
Meanwhile, petrochemicals exports fell 8.1 per cent year on year in the fourth quarter of last year, and were among the top contributors to a decline in non-electronics exports.
Source: BusinessTimes.sg