The oil and gas equipment industry faces uncertainty in the short term with the softening of the global economy while its long term outlook remains positive and Singapore continues to strengthen its key competitiveness advantages in the field, Trade and Industry Minister Lim Hng Kiangsaid Thursday.
Speaking at the opening ceremony of a new manufacturing and technology center of Halliburton, a U.S.-based oil service company, Lim said, "the long term outlook of the industry remains positive, with sustained demand for energy from both the major and emerging economies."
Lim said that the Singapore government continues to invest in the infrastructure and manpower needed for long-term growth, in particular to support knowledge and innovation.
Singapore, an important hub for the oil and gas industry, saw a compounded annual growth rate of 17 percent in the oil and gas equipment and services industry for the past five years, according to the minister.
Just last year, the industry registered a record manufacturing output of 2.5 billion Singapore dollars (1.7 billion U.S. dollars), an increase of 23 percent from a year ago.
Singapore has tried hard to strengthen its research capabilities and a technology-driven workforce in the oil and gas industry.
It has established the Center for Offshore Research and Engineering to undertake research and development (R&D). The government has also committed 76 million Singapore dollars over five years for training infrastructure and scholarships to develop precision machinists and encourage Singaporeans to take up a technical career.
The new Halliburton Center will be the company's first such facility outside of the United States that is able to manufacture oil and gas tools, and will employ up to 400 highly-trained personnel in science, engineering, finance, logistics and procurement.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article