Singapore to transform Jurong Island into a sustainable energy and chemicals park

Asia's Tech News Daily

Shell’s pyrolysis oil upgrader unit will be the first such plant globally for the Dutch oil company, and is slated to start production in 2023.

SINGAPORE – Singapore’s Jurong Island oil hub will be transformed into an energy and chemicals park that operates sustainably and exports its sustainable products globally, said Minister for Trade and Industry Gan Kim Yong on Tuesday (Nov 23).

The plan also envisages Singapore’s energy and chemical (E&C) sector increasing its output of sustainable products by four times from 2019 levels, as well as achieving more than six million tonnes of carbon abatement per annum from low-carbon solutions by 2050.

Mr Gan announced the Sustainable Jurong Island plan at the groundbreaking ceremony of a Shell plant on Pulau Bukom that will turn hard-to-recycle plastic waste into an oil used as a feedstock for petrochemicals.

The pyrolysis oil upgrader unit will be the first such plant globally for the Dutch oil major and is slated to start production in 2023.

It will also be the largest such plant in Asia, with a capacity to produce 50,000 tonnes per annum of the oil – equivalent to the weight of about 7.8 billion plastic bags.

The Sustainable Jurong Island plan is part of government plans to pivot the E&C sector here towards sustainability, the Singapore Economic Development Board (EDB) said in a report on Tuesday. It builds on ambitions for Jurong Island that were first announced in the Green Economy pillar of the Singapore Green Plan 2030.

Mr Gan said the E&C sector, which employs over 27,000 people, including many Singaporeans, is in the midst of a transition towards lower-carbon fuels, renewables and sustainable chemicals.

“For example, both Shell and BP have announced that they would write down up to US$17.5 billion ($23.9 billion) and US$22 billion from their oil and gas portfolios respectively, as part of their net-zero emissions target for 2050,” he said.

He said the Sustainable Jurong Island plan will build on these ongoing efforts.

The plan is centred around two focus areas – increasing the output of sustainable products such as bio-based fuels and chemicals and enabling sustainable production to reduce carbon emissions and pollution.

Mr Gan said; “By 2030, we have set a target for the E&C sector to increase the output of sustainable products by 1.5 times from 2019; house refineries and crackers that are top quartile in the world in terms of energy efficiency; and realise at least two million tonnes of carbon capture potential.”

He said the Agency for Science, Technology and Research, EDB and JTC Corporation are working together to study the potential of a carbon capture and utilisation (CCU) translational test bed on Jurong Island.

CCU refers to the process of capturing carbon dioxide (CO2) emissions from sources such as power or oil refining plants and either reusing or storing it so it will not enter the atmosphere.

Mr Gan said the Resource Efficiency Grant for Energy and the Investment Allowance for Emissions Reduction schemes will also be enhanced to support additional forms of emissions reduction activities such as CCU and storage, in addition to energy efficiency improvements and the reduction of non-CO2 greenhouse gases.

Ms Aw Kah Peng, chairman of Shell Companies in Singapore, said Shell’s energy and chemicals park in Singapore “is a key driver in our strategy to transform our business, reduce our own emissions and those of our customers as we move to a low-carbon economy”.

“The transformation that we are embarking on is unprecedented for the industry here,” she added.

Shell will use pyrolysis oil to produce circular chemicals that make hundreds of useful, everyday products, from tyres to mattresses.

It has already signed its first circular chemicals agreement in Asia with Asahi Kasei, a multinational Japanese chemical company.

Last year, Shell announced a plan to cut back its refinery portfolio from 14 sites to six energy and chemicals parks. One of them is the Shell Energy and Chemicals Park Singapore.

Shell’s global director for its downstream business, Mr Huibert Vigeveno, said his company’s target is to be a net-zero emissions business by 2050, in step with society’s progress towards the goal of the 2015 Paris Agreement and Singapore’s Green Plan.

“These so-called circular chemicals are a significant step in tackling waste, and I am very proud to be here today with you to bring this project to life,” he said.

Dr Beh Swan Gin, EDB chairman, said the agency will work with the E&C industry here to develop sustainable solutions for Singapore and beyond.

“The global energy transition presents an opportunity for companies on Jurong Island to transform and innovate as they navigate towards a low carbon future,” he said.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Singapore, EU in talks on strengthening bilateral digital trade, forming partnership

Minister-in-charge of Trade Relations S. Iswaran is in Brussels to co-chair a trade committee meeting under the EU- Singapore Free Trade Agreement. SINGAPORE – With an eye on tapping further ... Read more »

Seoul's average apartment price jumps twofold under Moon government: civic group

This Nov. 15 file photo shows a bird’s eye view of an array of apartment compounds in Seoul. Yonhap The average price of Seoul apartments has soared more than twofold ... Read more »

Trade ministry eases rules for export firms

gettyimagesbank By Lee Kyung-min The government will simplify the administrative procedures for exporters of Korea’s key goods, as part of an expanded compliance program (CP), whereby 156 businesses abide by ... Read more »

McDonald's debuts Mariah Carey holiday merchandise line ahead of Mariah holiday menu launch

Photo by: McDonald’s Press Release McDonald's keeps the surprises coming for the holidays, and this time, it unwrapped a new line of merchandise featuring Mariah Carey. The items are just ... Read more »

(LEAD) Proportion of 1-person households hits record high of 32 pct last year

(ATTN: UPDATES with more info in paras 4, 12-17; CHANGES headline) SEOUL, Dec. 8 (Yonhap) — The proportion of one-person households in South Korea hit a fresh record high last ... Read more »

Household debt, inflation cited as biggest risks to financial system: BOK survey

SEOUL, Dec. 8 (Yonhap) — One out of five financial experts cited high household debt and inflationary buildup as the biggest risks to the financial system, a survey showed Wednesday. ... Read more »

SK Gas invests in U.S. hydrogen startup in push for clean energy transition

SEOUL, Dec. 8 (Yonhap) — SK Gas Co., a key energy unit of South Korea’s No. 3 conglomerate SK Group, said Wednesday it has invested in a U.S. startup that ... Read more »

Dollar declines to 73.97 rubles on Moscow exchange

Euro grows to 83.48 rubles Read more »

(LEAD) Banks' household loans grow at slower pace in November amid tight lending rules

(ATTN: ADDS more info in paras 4. 6-7, 11) SEOUL, Dec. 8 (Yonhap) — South Korean banks’ loans to households grew at a slower pace in November amid the government’s ... Read more »

Private-sector economists raise Singapore 2022 growth forecast to 4%: MAS survey

MTI had last month said Singapore’s gross domestic product will grow by 3 per cent to 5 per cent next year. SINGAPORE – Singapore’s economy will grow by 4 per ... Read more »

Banks' household loans grow at slower pace in November amid tight lending rules

SEOUL, Dec. 8 (Yonhap) — South Korean banks’ loans to households grew at a slower pace in November amid the government’s stepped-up control on home-backed loans and other lending, central ... Read more »

Nearly 1 in 3 households in S. Korea consists of one person last year

SEOUL, Dec. 8 (Yonhap) — Nearly one in three households in South Korea consists of one person last year, data showed Wednesday, as the number of single-member families has risen ... Read more »

Lee pledges to increase budget for startups to 10 tln won

SEOUL, Dec. 8 (Yonhap) — Lee Jae-myung, the presidential nominee of the ruling Democratic Party, said Wednesday he will increase the government’s investment in startups to 10 trillion won (US$8.50 ... Read more »

RBI monetary policy meet today: What to expect

Representative image Before the Omicron variant of COVID-19 took over the epidemiological and markets discourse, there was a reasonable likelihood that the Monetary Policy Committee would signal to the Reserve ... Read more »

Australia weighs central bank digital currency, crypto rules

SYDNEY (BLOOMBERG) – Australia is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market as it seeks to overhaul how the nation’s consumers and ... Read more »

Housing prices have markedly stabilized: finance minister

SEOUL, Dec. 8 (Yonhap) — South Korea’s top economic policymaker said Wednesday housing prices have markedly stabilized on the back of housing supply measures, the central bank’s rate hike and ... Read more »

(EDITORIAL from Korea Times on Dec. 8)

Realizing hydrogen economy: Government’s blueprint is too ambitious to be realistic The government has announced a master plan to transit toward a hydrogen economy by raising the country’s self-sufficiency rate ... Read more »

Export of Russian software up by almost 20% yoy in 2021, says Deputy Prime Minister

Packages of measures aimed at developing the industry are being gradually implemented, Dmitry Chernyshenko said Read more »

Baltic countries starts talks on Russian electricity import increase — operator

According to spokesperson of Estonia’s Elering Ain Koster, Estonia and Latvia earlier reduced the volume of trade with Russia on the basis of Lithuania’s desires Read more »

Settlements with India for weapon supplies are carried out in rubles, rupees

According to Alexander Mikheyev, Rosoboronexport has almost fully abandoned settlement in the US currency Read more »

One of Russia's largest winemakers to export to France

The first batch of wines has been shipped from Fanagoria to the French Auchan retail network Read more »

Economic dynamics in Russia positive in general, says Putin

As the Russian President pointed out, investments were up by 7.6% in first three quarters of this year Read more »

No sun, no stars for six months. How to work and live in the North

The chain of meteorology stations stretches to Chukotka - and at every station people are waiting for the supplies Read more »

Moscow court fines Google over $188,000 in four cases of unlawful content

As of now, Google has been fined a total of 58 mln rubles ($778,890) for the same offense Read more »

Russian cabinet considering Rosneft gas supplies to Europe, says Kremlin

Currently, only Gazprom has the right to export pipeline gas Read more »

LG Energy Solution seeks to raise up to 12.75 tln won in IPO

SEOUL, Dec. 7 (Yonhap) — Battery maker LG Energy Solution Ltd. is seeking to raise as much as 12.75 trillion won (US$10.8 billion) in what would be South Korea’s largest ... Read more »

Centre disburses Rs 2,071 crore loan for 4,000 odd projects so far under Agriculture Infrastructure fund

The government has so far disbursed Rs 2,071 crore for 4,003 projects under the Agriculture Infrastructure Fund, Agriculture Minister Narendra Singh Tomar said on Tuesday. Tomar, in a written reply ... Read more »

Moneycontrol Pro Panorama | IPOs are flying thick and fast

Dear Reader, A raft of initial public offerings (IPOs) are set to hit the Street this week. Beginning today, one IPO will open for subscription everyday till Friday. Two more public ... Read more »

India exports 9.39 lakh tonnes of sugar so far this marketing year: AISTA

Sugar mills have exported 9.39 lakh tonnes of the sweetener till the first week of December during the ongoing 2021-22 marketing year that started from October 1, and are not ... Read more »

Fed's earlier end to tapering prompts call for Korea to increase dollar reserves

Bank of Korea Governor Lee Ju-yeol speaks during a press conference at its headquarters in Seoul, Nov. 25. Yonhap By Lee Min-hyung Korea should increase its foreign exchange reserves amid ... Read more »

Gov't CPTPP push to drag on until after presidential election

The National Assembly is in a plenary session, during which a bill on Regional Comprehensive Economic Partnership (RCEP) passed, Dec. 4. Korea Times file Gov’t refuses to broach politically charged ... Read more »

FSS chief calls for strengthened risk management

Financial Supervisory Service (FSS) Governor Jeong Eun-bo, fifth from left, stands next to leaders of the country’s credit finance firms, including the CEOs of KB Kookmin Card, Shinhan Card, Samsung ... Read more »

(2nd LD) Samsung unveils new leadership, replaces all 3 CEOs

(ATTN: UPDATES with more details in paras 2, 8-11; ADDS photo)By Woo Jae-yeon SEOUL, Dec. 7 (Yonhap) — Samsung Electronics Co. on Tuesday replaced all three CEOs in a surprise ... Read more »

China exports rise but growth eases

China's exports rose by double digits in November but growth declined, while imports accelerated in a sign of stronger domestic demand. Exports rose 21.4 per cent over a year earlier ... Read more »

Reserve Bank of Australia keeps unprecedented low cash rate on hold

The Reserve Bank of Australia has kept official interest rates on hold as widely expected but speculation of a 2022 move continues as fixed rate bargains disappear from the market. ... Read more »

China export growth slows in November but imports accelerate

BEIJING (REUTERS) – China’s exports growth lost steam in November, pressured by a strong yuan, weakening demand and higher costs, but import growth accelerated and came in well above expectations, ... Read more »

(LEAD) Samsung unveils new leadership, replaces all 3 CEOs

(ATTN: UPDATES with more details in last 7 paras; ADDS photos)By Woo Jae-yeon SEOUL, Dec. 7 (Yonhap) — Samsung Electronics Co. on Tuesday replaced all three CEOs in a surprise ... Read more »

Samsung Heavy Industries wins 734 bln won orders for 3 LNG carriers

By Nam Kwang-sik SEOUL, Dec. 7 (Yonhap) — Samsung Heavy Industries Co. said Tuesday that it has bagged two orders worth a combined 734 billion won (US$621 million) to construct ... Read more »

Samsung unveils new leadership, replaces all 3 CEOs

By Woo Jae-yeon SEOUL, Dec. 7 (Yonhap) — Samsung Electronics Co. on Tuesday replaced all three CEOs in a surprise move that the company said was intended to enhance competitiveness ... Read more »

Korea logs current account surplus for 18th straight month in October

gettyimagesbank South Korea logged a current account surplus for the 18th straight month in October, though the surplus was smaller than the previous month due to increased imports amid high ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic