The recovery of Asian economies will provide new windows of opportunity for investment in the petroleum and related industries in and around the Asia-Pacific region.
To help ensure that global petroleum players manage their regional business effectively and benefit from this recovery, Singapore will continue to upgrade its capabilities and strengthen its position as a global petroleum hub in the Asia-Pacific, said Mr Lim Swee Say, Minister of State for Trade & Industry.
Mr Lim, who is also Minister of State for Communications & Information Technology, was speaking at the opening of the 15th Asia Pacific Petroleum Conference in September.
Noting that the petroleum refining and trading industry would continue to be a key part of Singapore's knowledge-based economy, Mr Lim said Singapore's position as a global telecommunications node can greatly enhance its position as a total petroleum hub in the "new world" economy.
He also called on the industry to further exploit the full potential of e-commerce and supply chain management to help sustain its competiveness in the information economy of the 21st century.
"We see abundant opportunities for IT to help redefine the way of doing business in the industry, covering the business chain of supply, trading, refining, distribution and sales.
The establishment of an electronic community in this industry will result in much greater efficiency in the entire value chain," he added.
Note: Originely published on 1 October 1999
© 2000 Mena Report (www.menareport.com)