Singapore is one of the world's top three oil trading and refining hubs. Some factors that have contributed to the growth of Singapore's petroleum industry include:
Strategic location
Singapore's location at the crossroads of the Indian and Pacific Oceans provides companies with easy access to large regional markets.
Deep-water ports
Singapore has deep-water berths that can accommodate large oil tankers.
Crude oil refining capacity
Singapore has a crude oil refining capacity of 1.3 million barrels per day.
Export-oriented industries
Singapore's strong focus on export-oriented industries has contributed to its economic growth and industrialization.
Macroeconomic stability
Singapore's policies have promoted macroeconomic stability, including low inflation and positive real interest rates.
Singapore's other factors for economic growth include:
A stable political environment
Favorable business conditions
Well-developed infrastructure
Investment in education
Embrace of globalization
