Long established as an oil center, a decade from now Singapore will probably have more investment in petrochemicals than in oil. In the past two years, a few major projects have pushed total chemical investments past $4.3 billion, with the promise of more to come. In the same period the maturing petroleum sector has attracted only one large project, which will be completed by next year.
According to Singapore's Economic Development Board (EDB), the value of Singapore's petroleum output fell 4% in 1994, to S$10.85 billion ($7.5 billion), while petrochemical output rose 20%, to S$2.1 billion. "New capacities coming onstream coupled with the recovery in petrochemical prices in the second half of the year were the main factors for the strong performance. Plants were running at full capacity to meet strong regional demand," says senior EDB officer Aw Kah Peng.
MAKING ONE ISLAND. Almost guaranteed to accelerate the widening lead of petrochemicals investments is the proposal for a new 3,000-hectare project--Jurong Island--into a giant chemical complex during the next 15 years. Jurong Island will be …
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