Singapore has not yet dipped into its energy stockpile and is prepared for multiple scenarios: Tan See Leng
The Middle East conflict has turned significantly more serious and there does not seem to be any end to the hostilities, said Minister-in-charge of Energy and Science and Technology Tan See Leng.
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SINGAPORE: Singapore has not seen the need yet to dip into its energy stockpile, and the country is prepared for multiple contingencies, Minister-in-charge of Energy and Science and Technology Tan See Leng said on Friday (Mar 20).
Speaking to reporters during a visit to the Singapore LNG (SLNG) Terminal, Dr Tan said the Middle East conflict has turned significantly more serious and there does not seem to be any end to the hostilities.
The recent attack on Iran’s oil facilities on Kharg Island and the retaliatory attack on Ras Laffan liquefaction facility in Qatar have delivered a major hit to the global oil and gas supply chain.
"Even if tomorrow, the war stops, the rebuilding of this Ras Laffan facility would take between three and five years, so you can expect that kind of disruption," said Dr Tan.
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He said Singapore is prepared for multiple contingencies and scenarios, and has strengthened its resilience over the years, including through centralising the procurement of gas and requiring companies to hold stockpiles.
Dr Tan previously told CNA that Singapore has months' worth of energy stockpiles.
Currently, about 95 per cent of Singapore's electricity is generated using imported natural gas.
The SLNG Terminal supplies around 50 per cent of Singapore's natural gas demand for power generation, and has the capacity to support all of Singapore's current needs if required.
Singapore's situation is stable for now, but as the situation evolves and supplies are interrupted or reduced, electricity prices will rise.
Downstream products such as fertilisers and even helium would also be affected.
"You can imagine that this impact would really be amplified across various streams ... so we need to really brace ourselves for a bumpier ride ahead," he said.
Some of the measures announced at Budget 2026 will be helpful, and the government stands ready to come up with more measures if necessary, he added.
"We are monitoring the situation very closely, because we want to also make sure that we have dry powder for us to use when the situation gets worse," said Dr Tan.
He called on Singaporeans and businesses to do their part to use more energy-efficient appliances and adopt energy conservation measures.
He suggested switching to electric vehicles, setting the aircon temperature higher and switching off appliances that are not in use, and encouraged the installation of solar panels.
"We could try to reduce the number of private car trips, we could pool together, or we could even try to take more public transport," he said. "I think those measures would help."
The current crisis serves as a stark reminder that energy is always existential for Singapore, said Dr Tan, who is also manpower minister.
Even Singapore's desalination plants need energy to operate. "I cannot underscore it more. It is existential for us," he added.
Government officers have been working around the clock to make sure supply chains remain intact, he said.
"So rest assured, we will pull through this difficult period together. We will maintain our reputation, our credibility as well as our resilience," added Dr Tan.
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