SINGAPORE – Singapore has continued to attract companies to expand their global footprint from the city-state, with major energy and agriculture groups building operations to trade biofuels, carbon offsets and crude.
A key goal is to grow new trade flows for renewable fuels as the global energy transition gathers pace, Minister of State for Trade and Industry Low Yen Ling said at the Asia Pacific Petroleum Conference (APPEC), organised by S&P Global Commodity Insights, on Monday.
Over 60 companies including Exxon Mobil, Repsol, Prax Group Holdings, Archer-Daniels-Midland and Bunge are trading biofuels from Singapore, Ms Low told attendees at the conference, according to a transcript of her prepared remarks. Engie is also providing renewable energy certificates, carbon offsets and power purchase agreements, she said.
Singapore is still building on traditional fossil fuels. Abu Dhabi National Oil has established its trading office in the city-state to oversee the company’s trade of crude and oil products in the Asia-Pacific region, Ms Low said.
“Singapore has made significant progress as a key trading hub for the energy sector and also in carbon trade and services,” she said. BLOOMBERG
https://www.straitstimes.com/business/singapore-seeks-growth-in-biofuels-trade-amid-energy-transition Singapore seeks growth in biofuels trade amid energy transition