Mr Jack Williams, Senior Vice President of Exxon Mobil Corporation,
Distinguished guests,
Ladies and gentlemen,
Introduction
1. Good morning. It is my pleasure to join you today for the opening of ExxonMobil’s Singapore Resid Upgrade Facility.
2. This occasion marks not only the start of EM’s new facility in Singapore, but also an important milestone in the longstanding partnership between Singapore and ExxonMobil, a partnership that has shaped the growth of our energy and chemicals (E&C) sector.
3. The E&C sector is a key pillar of Singapore’s manufacturing base, contributing around a quarter of Singapore’s total manufacturing output.
a. It anchors Singapore within the global fuels and chemicals supply chain, while supporting our status as a maritime and aviation hub.
b. Within our E&C sector, ExxonMobil is one of our most significant partners.
i. What began as just two refineries in the 1960s and 1970s has since evolved into a world-scale, integrated refining and petrochemical complex.
ii. This is the culmination of more than S$30 billion of investment over the decades.
iii. This has in turn built up production capacity in Singapore; created good jobs, deep and technical capabilities; and nurtured a strong network of suppliers and service providers.
iv. In many ways, ExxonMobil has become a cornerstone of the E&C sector in Singapore.
4. This did not happen overnight; it is the result of a decades-long partnership, built on trust, conviction, and a shared belief that Singapore can be a stable, competitive and forward-looking home for world-scale manufacturing.
5. Over the years, this partnership has been tested and strengthened through crisis after crisis. We have weathered economic downturns, global financial shocks, and industry cycles that have repeatedly challenged energy and chemicals players around the world.
6. Today, the sector faces a different set of headwinds.
a. Global overcapacity is putting pressure on margins.
b. Demand patterns are shifting.
c. And the transition to a net-zero future is reshaping what customers, regulators and societies expect of the industry.
7. These are structural shifts that call for adaptation, innovation and a willingness to transform.
a. Last month, we had outlined a refreshed vision for Jurong Island, to be a premier hub for specialty chemicals and sustainable materials, and a global testbed for new energies and low-carbon technologies.
b. Singapore will continue to invest in what makes us competitive – our skilled workforce, our high-quality infrastructure, our pro-business environment, and our integration into global flows of energy, goods and talent.
c. We will also work with industry leaders like ExxonMobil to strengthen capabilities in higher-value, lower-carbon and more sustainable manufacturing.
8. The Singapore Resid Upgrade Facility is a good example of this.
a. This facility enhances the competitiveness of ExxonMobil’s Singapore complex by enabling the production of lower sulphur fuels and higher-value lubricant base stocks, through the conversion of bottom-of-the-barrel products.
b. Delivering this upgrade was a major undertaking.
i. Work on the facility carried on through the height of the COVID-19 pandemic.
1. In the midst of border restrictions, manpower constraints and supply chain disruptions, we worked closely together – Government and EM – to resolve all these issues, so that work on the facility could proceed safely and smoothly.
ii. Extensive work was required to integrate the manufacturing site’s existing operating units and 22 new reactors, as well as to install over 150 kilometres of new pipeline, equivalent to about three times the length of Singapore from east to west.
iii. EM also had to upskill and reskill its workforce to operate the new technologies and equipment and learn to integrate these with the existing operations.
c. More fundamentally, this facility signals something larger – that even in a challenging global environment, we can continue to upgrade, innovate and create long-term value.
i. This new facility will strengthen Singapore’s E&C sector, by anchoring high-value manufacturing and supporting our shift to specialty and performance products.
ii. This is the kind of investment – forward-looking, capability-enhancing, and sustainability-aligned – that will underpin the next phase of growth for the sector.
9. Beyond this facility, EM is also partnering Singapore on the next frontier of energy innovation.
a. Last year, we launched the ExxonMobil–NTU–A*STAR Corporate Lab, the first established by an energy major in Singapore.
b. Through this partnership, researchers are developing solutions that help to lower carbon emissions and improve resource efficiency.
10. As we look to the future, I hope ExxonMobil will continue to see Singapore as a long-term strategic partner – not just a site for production, but a place where the company can test new technologies, develop new capabilities, and shape the future of energy and chemicals in Asia.
a. Singapore remains deeply committed to supporting this transformation.
i. We will continue to foster a stable and trusted operating environment, strengthen the skills of our workforce, and build ecosystems that enable innovation and sustainability.
b. And by deepening our partnerships across ecosystems, Singapore can be a trusted hub where companies, researchers and innovators can come together to collaborate, invest and grow.
11. Congratulations once again to the ExxonMobil team and all your partners.
12. This facility stands as a reminder of what long-term partnership can achieve, and a strong signal of confidence that Singapore can shape a globally competitive, sustainable and resilient future for our energy and chemicals sector.
13. I look forward to building the next chapter of EM’s growth in Singapore, and I wish you many more decades of success and partnership with Singapore.
14. Thank you.