Good morning, esteemed guests and colleagues. Today, we gather to celebrate a significant milestone in the partnership between Singapore and ExxonMobil, a relationship that has been instrumental in shaping our nation's energy and chemicals (E&C) sector. This partnership, spanning decades, has fostered the growth of a world-scale, integrated refining and petrochemical complex, a cornerstone of Singapore's manufacturing base.
The E&C sector is a vital pillar, contributing approximately a quarter of Singapore's total manufacturing output. It plays a pivotal role in anchoring our country within the global fuels and chemicals supply chain, while solidifying our status as a maritime and aviation hub. Among our key partners in this sector, ExxonMobil stands out as one of the most significant.
What began with just two refineries in the 1960s and 1970s has evolved into a comprehensive, world-class refining and petrochemical complex. This transformation is a testament to the substantial investment of over S$30 billion over the years, which has not only expanded production capacity in Singapore but also created numerous high-quality jobs, fostered deep and technical capabilities, and nurtured a robust network of suppliers and service providers.
However, the current global environment presents unique challenges. We are witnessing a shift in demand patterns, global overcapacity, and a pressing need to transition towards a net-zero future, which is reshaping customer expectations, regulatory frameworks, and societal norms. These structural changes demand adaptation, innovation, and a willingness to embrace transformation.
To address these challenges, we have outlined a refreshed vision for Jurong Island, positioning it as a premier hub for specialty chemicals and sustainable materials, and a global testbed for new energies and low-carbon technologies. Singapore remains committed to investing in its competitive advantages, including a skilled workforce, high-quality infrastructure, a pro-business environment, and seamless integration into global energy, goods, and talent flows.
We will also collaborate closely with industry leaders like ExxonMobil to enhance capabilities in higher-value, lower-carbon, and more sustainable manufacturing. The Singapore Resid Upgrade Facility is a prime example of this commitment. This facility significantly enhances the competitiveness of ExxonMobil's Singapore complex by enabling the production of lower sulfur fuels and higher-value lubricant base stocks through the conversion of bottom-of-the-barrel products.
The construction of this facility was a challenging endeavor, especially during the peak of the COVID-19 pandemic. Despite border restrictions, manpower constraints, and supply chain disruptions, the Government and ExxonMobil worked closely to resolve these issues, ensuring the project proceeded safely and smoothly. Extensive work was required to integrate existing operating units and 22 new reactors, along with installing over 150 kilometers of new pipeline, equivalent to about three times the length of Singapore from east to west.
ExxonMobil also invested in upskilling and reskilling its workforce to operate the new technologies and equipment, integrating them seamlessly with existing operations. This facility symbolizes a broader commitment to innovation and long-term value creation, even in a challenging global environment.
The new facility will strengthen Singapore's E&C sector by anchoring high-value manufacturing and supporting the shift towards specialty and performance products. This forward-looking, capability-enhancing, and sustainability-aligned investment will underpin the next phase of growth for the sector.
ExxonMobil's partnership with Singapore extends beyond this facility. Last year, we launched the ExxonMobil–NTU–A*STAR Corporate Lab, the first established by an energy major in Singapore. Through this partnership, researchers are developing solutions to lower carbon emissions and improve resource efficiency.
As we look to the future, I encourage ExxonMobil to continue viewing Singapore as a long-term strategic partner, not just a production site but a place where the company can test new technologies, develop new capabilities, and shape the future of energy and chemicals in Asia. Singapore remains deeply committed to supporting this transformation by fostering a stable and trusted operating environment, strengthening the skills of our workforce, and building ecosystems that enable innovation and sustainability.
By deepening our partnerships across ecosystems, Singapore can become a trusted hub where companies, researchers, and innovators can collaborate, invest, and grow. Once again, congratulations to the ExxonMobil team and all your partners. This facility stands as a testament to the power of long-term partnerships and a strong signal of confidence in Singapore's ability to shape a globally competitive, sustainable, and resilient future for our energy and chemicals sector.
I look forward to the next chapter of ExxonMobil's growth in Singapore and wish you many more decades of success and partnership with our nation. Thank you.
