“[As] with any mature industry, we would expect to see some churn, and naturally then reinvestment and rejuvenation,” says Lai in a written statement following a media tour of Jurong Island ahead of Singapore International Energy Week (SIEW) 2025.
Companies in the Energy and Chemicals (E&C) sector, which employ more than 27,000 workers in Singapore, are reviewing their footprints globally due to the global petrochemical downcycle, says a Singapore Economic Development Board (EDB) executive.
Singapore, as an open economy with leading positions in refining, trading and chemical production, would also be subject to global macroeconomic developments in terms of demand and supply, adds Kelly Lai, vice president of chemicals and materials at EDB.
