我们没有De-industrialize de woh

[k1976]

https://www.businesstimes.com.sg/opinion-features/spotlight-1/shell-exits-singapore-refining-end-era

 

[k1976]

Is Singapore de-industrialising?​

At the outset, the critical policy question in the adoption of the carbon tax concerned the impact on the operating costs of energy-intensive export-oriented industries, such as oil refineries and petrochemical manufacturers. Will Singapore’s role as Asia’s premier oil business hub be compromised by its carbon tax?

According to the EDB, oil refining and petrochemicals manufacturing contribute to 25 per cent of the country’s total manufacturing output. It is highly unlikely that “green” industries such as solar power and electric vehicles – with supply chains largely located in China – can be substitutes to replace the value added in the oil refining and petrochemicals sector.

Singapore’s oil-refining and petrochemicals industry competes directly with other companies in the industry from around the world. India’s export-oriented Reliance oil-refining complex in Jamnagar, Gujarat, for example, is a single company with an over 1.2 million bpd capacity. It is a leading competitor in the Asian (and global) refined products markets.

Other major Asian players in the East of Suez region include national oil companies such as Thailand’s PTT, Malaysia’s Petronas as well as South Korea’s and China’s oil conglomerates. The Middle East national oil companies – with their export-oriented, state-of-the-art oil refining and petrochemical complexes – constitute yet another set of keen regional competitors.

For Singapore’s oil and petrochemicals sector to survive, its competitors would need to operate under similar carbon pricing policies. Without a level playing field, Singapore’s pioneering oil and chemicals businesses would simply migrate to jurisdictions where carbon pricing is either absent or applied at permissive levels.

Much like Germany and the UK are undergoing a process of de-industrialisation caused by their onerous net-zero climate change policies including carbon taxes, Singapore could follow suit.

Shell’s exit from Singapore’s refining and petrochemicals sector does not mean that the assets which the company was operating will cease to exist. They will continue to be operated by its new owners, albeit at higher operating costs due to the carbon tax. Whether these new owners have a lower rate of return on their investments compared to Shell’s depends on whether they can bring new advantages to their operations not available to Shell.

For Shell as a refiner/manufacturer in Singapore, then, it is RIP (rest in peace).

 

[k1976]

https://www.malaymail.com/news/mala...-qr-code-from-june-1-says-dpm-fadillah/136693


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