Although Singapore appears as a tiny red dot on the world map, its strategic location along the Strait of Malacca makes it a core Asian logistics hub with market radiation across the entire Asia-Pacific region. Serving as a critical springboard for accessing European, American and other global markets, Singapore has become a preferred investment destination for the world’s leading oil and gas enterprises. The establishment of Sinopec’s lubricant production plant in Singapore marks a solid step forward in the company’s overseas strategic layout. It not only secures a commanding market position in Southeast Asia but also acts as a vital bridge connecting the Middle East, Europe and Africa’s industrial and trade markets.
Zhang Changjun, Marketing Manager of Sinopec Lubricants (Singapore) Company, shared the strategic value of the Singapore base.
To date, Sinopec has built fuel supply outlets across 17 international ports covering Southeast Asia, the Middle East and other key regions, forming a comprehensive service capacity for fuel supply and supporting services for ocean-going vessels. Its lubricant products have been exported to more than 50 countries and regions worldwide, establishing a preliminary global marketing and service network.
“The Belt and Road Initiative has provided Chinese enterprises with a broader development platform and ushered in a golden era for overseas expansion,” said Xia Peng, Deputy General Manager of Sinopec Lubricants (Singapore) Company. “Chinese overseas projects have delivered initial driving effects for local industrial development. For instance, the Maritime and Port Authority of Singapore became one of our key clients following the successful overseas supporting cooperation with Zhenhua Heavy Industries.”
Seizing the development opportunities brought by the Belt and Road Initiative, Sinopec has accelerated the internationalization of its lubricant business relying on the Singapore operational platform, while continuously contributing to Singapore’s local economic growth and industrial development.
Since the launch of its Singapore production base, Sinopec Lubricants has made remarkable contributions to the local economy. It has driven a total of USD 41 million in local GDP growth and USD 7 million in tax revenue growth, created 118 local jobs, and achieved a cumulative international trade volume of USD 684 million with neighboring countries.
Looking ahead, Sinopec Lubricants (Singapore) Company will continue to leverage Belt and Road development opportunities. The company will further strengthen the development of supporting products and customized services for Chinese enterprises’ overseas projects, and provide professional matching lubricant products and full-cycle lubrication services to support the global expansion of China’s equipment manufacturing industry.
