Singapore Oil & Gas Q4 2020
Outlook for Singapore’s heavily export-reliant oil and gas sector continues to be depressed amid the Covid-19 pandemic,as strict social distancing rules enacted to combat the virus roils demand and sentiment across both at home and in major exportmarkets. A substantial y-o-y decline in refining activity and broader energy consumption appears inevitable, as Singapore re-emergefrom April’s ‘circuit breaker’ lockdown measures. In spite of short-term headwinds, longer term view for the LNG sector is optimistic,as low spot prices and diversification into LNG bunkering and small-scale LNG (SSLNG) services stimulate incremental demandgrowth. LNG is expected to fully displace pipeline gas imports by 2026, as per the government’s energy supply security strategy.
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