Singapore commits to aiding firms during a volatile period in the energy market: Low Yen Ling

She emphasised helping companies navigate trade, technology, and transition.

The government of Singapore remains committed to working with companies to navigate this challenging time in the energy and chemicals trade sector and to bridge today’s energy demands, Senior Minister of State for Trade and Industry Low Yen Ling said in her speech at the  2025 Asia Pacific Petroleum Conference (APPEC) on 8 September.

Low emphasised aiding companies in navigating the 3Ts of Trade, Technology, and Transition in her speech.

The minister warned that supply dynamics are shifting, particularly with the OPEC+ decision to unwind its production cuts. Non-OPEC producers, such as the US and Brazil, have also expanded output and oversupply from China is weighing on margins.

She noted that with softer demand from tariff-induced economic uncertainty and structural changes in key markets like China, Brent crude recently hit a four-year low in May 2025.

In such an uncertain environment, Low said Singapore remained a global energy trading hub of choice for companies.

Between 2023 and 2024, energy trade conducted through Singapore grew from US$1.44 trillion to US$1.67 trillion, along with a 5% increase in the number of trading professionals based here.

Singapore also welcomed six new firms from the energy and chemicals sector on board EnterpriseSG’s Global Traders Programme in 2024.

One example is Yulong Petrochemical, which operates a 400,000-barrels-per-day refinery in Shandong.

Low said Singapore will continue to build on key strengths as a trusted, stable and connected hub to anchor trading activities in the country.

Low also said that Singapore is expanding its production of sustainable products on Jurong Island to meet the growing regional demand and is actively increasing biofuels production and the trading ecosystem to capitalise on fast-growing regional demand.