SINGAPORE (Bernama): Singapore is ready to roll out additional measures to safeguard its energy security if needed, even as supply conditions remain stable amid disruptions caused by the West Asia conflict, said Energy, Science and Technology Minister Tan See Leng.
Tan, who is also Manpower Minister, said recent attacks on Iran’s Kharg Island oil facilities and Qatar’s Ras Laffan gas complex carry serious implications for global energy supply, although Singapore’s stockpiles and diversified sourcing provide some buffer.
However, he noted that storage capacity remains a key constraint despite efforts to diversify supply sources.
"Even if the war stops tomorrow, rebuilding the Ras Laffan facility could take between three and five years… No matter how much stockpile we want to put in, or we aspire to have, there is a constraint in terms of our own space," he told the media during a visit to Singapore LNG (SLNG) Terminal on Friday.
A video of his press conference was made available on the Channel News Asia YouTube page on Friday.
Singapore's power generation is derived from 95 per cent natural gas, and it is a net importer of the energy source.
Tan said that as the situation evolves and supplies continue to be constrained, electricity prices and tariffs in the republic could rise.
He added that the government is closely monitoring developments.
"There is a lot of downstream impact because we are one of the largest refinery complexes in the world, and of course, on top of that, downstream fertilisers, even helium would be affected.
"So you can imagine that this impact would really be amplified across various streams itself. We need to brace ourselves for a bumpier ride ahead," he added.
-- BERNAMA
