12 Nov 2009
QATAR AND SINGAPORE'S GROWING ENERGY PARTNERSHIP - QPI'S MAJOR NEW INVESTMENT IN SINGAPORE A STRATEGIC CHOICE 12 NOVEMBER 2009
EMBASSY OF THE REPUBLIC OF SINGAPORE PRESS STATEMENT
QATAR AND SINGAPORE'S GROWING ENERGY PARTNERSHIP -
QPI'S MAJOR NEW INVESTMENT IN SINGAPORE A STRATEGIC CHOICE
12 NOVEMBER 2009
Qatar Petroleum International (QPI) has made a significant new investment in Singapore's petrochemical facilities, marking another milestone in the excellent bilateral relations between Qatar and Singapore.
In an agreement signed in Singapore between His Excellency Abdullah Bin Hamad Al Attiyah, Deputy Premier and Minister of Energy and Industry and Peter Voser, Chief Executive of Royal Dutch Shell on 11 November, and witnessed by His Excellency S Iswaran, Senior Minister of State for Trade and Industry of the Republic of Singapore, QPI agreed to take a stake in the Petrochemical Corporation of Singapore (PCS), as well as the Polyolefin Company (TPC) of Singapore. The upstream company of the Singapore Petrochemical Complex, PCS, is a regional leader in the manufacturing and sales of petrochemical products.
In comments to the press, Mr Umej Bhatia, Charge d'affaires and Head of Mission of the Singapore Embassy in Doha remarked:
"We welcome QPI's decision to invest in Singapore, which is not only the region's petrochemical hub but also the swing refiner for Asia. The location of the investment is significant. Singapore is the hub of a rising Asia. As one of QPI's first major acquisitions, the investment in Singapore is a strategic choice. The investment also underlines the excellent relations between the two sides and highlights the prospects for continued growth in the strategic cross-regional partnership between Qatar and Singapore".
Mr Bhatia also commented: "This strong, win-win energy partnership will benefit both East and West Asia, as both Singapore and Qatar can serve as gateways to our respective regions. Singapore is currently Qatar's third largest importer of oil. There is great potential for both sides to further advance the energy dialogue and to advance collaboration in energy, whether in oil, gas or petrochemicals. "
This is His Excellency Abdullah Bin Hamad Al Attiyah's second visit to Singapore in as many years. His Excellency Abdullah Bin Hamad Al Attiyah also met His Excellency Goh Chok Tong, Senior Minister of the Republic of Singapore to continue their dialogue on energy-related issues, which was first initiated in February 2007 when His Excellency Senior Minister Goh visited Doha.
The Qatar Petrochemical Company (QAPCO) and the Qatar International Petroleum Marketing Company (Tasweeq) have established offices in Singapore in the past year. The Qatar Gas Transport Company (Nakilat) and Singaporean company Keppel Offshore and Marine have also formed a joint venture company to build and operate a world-class shipyard for LNG carriers in Ras Laffan port.
EMBASSY OF THE REPUBLIC OF SINGAPORE
DOHA, STATE OF QATAR
12 NOVEMBER 2009