Govt unveils $1 bil support, flags energy supply risk

Philip J Heijmans & Sing Yee Ong / Bloomberg04-07

Singapore, which relies heavily on imported natural gas for power generation, is particularly vulnerable to swings in global energy markets, with recent disruptions adding to cost pressures.(April 7):...

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Bull 2X Shares","PXJ":"Invesco Oil & Gas Services ETF","BK4213":"石油与天然气的勘探与生产","DRLL":"Strive U.S. Energy ETF"},"translate_title":"政府公布10亿美元支持，标记能源供应风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USE":0.68,"GDP":1,"DIG":0.68,"VDE":0.9,"PXJ":0.68,"IXC":0.68,"ERX":0.9,"IEO":0.68,"DBC":0.68,"DRLL":0.68,"GUSH":0.68,"DBE":0.68,"DRIP":0.68},"content_text":"Singapore, which relies heavily on imported natural gas for power generation, is particularly vulnerable to swings in global energy markets, with recent disruptions adding to cost pressures.(April 7): Singapore unveiled around $1 billion in enhanced support measures to cushion the economy and warned of possible power disruptions as the Middle East conflict choked energy supplies.\nThe package presented on Tuesday in Parliament includes boosting the corporate income tax rebate announced in February to 50% from 40%, subject to a cap, as well as a $200 increase in a cost-of-living payment for eligible Singaporeans. Food and grocery vouchers will be handed out in June instead of January 2027 and cab drivers will be given $200 to defray additional fuel costs.  \nK Shanmugam, the coordinating minister for national security, also said the Asian trading hub cannot rule out power disruptions if the conflict in Iran further disrupts global energy supplies, although the risk remain low for now. In the meantime, he said Singapore is also studying alternatives such as nuclear power to broaden its fuel mix.\n“If the supply disruptions increase and if more suppliers are unable to supply fuel or gas, then potential disruptions to our domestic energy and electricity supply cannot be ruled out,” he said. \nSingapore has so far avoided fuel export curbs or rationing seen elsewhere, aided by its role as a global oil hub with access to diverse supplies, Shanmugam said. The city state can also direct power generation companies to exercise legal rights to secure additional fuel if needed.\nSingapore, which relies heavily on imported natural gas for power generation, is particularly vulnerable to swings in global energy markets, with recent disruptions adding to cost pressures. Prime Minister Lawrence Wong has announced the government is stepping up contingency planning, including convening a crisis ministerial committee to assess risks and ensure energy security.\nDeputy Prime Minister Gan Kim Yong said that economic growth will likely take a hit this year as Singapore braces for higher inflation and electricity prices, while the country’s top diplomat separately warned markets have yet to factor in the worst-case scenario for a war in Iran that could still worsen.\n“As a small and highly open economy, Singapore will not be able to insulate ourselves completely from this crisis,” Gan said. “Growth in the coming quarters is likely to be affected by the ongoing conflict.”\nGan, who’s also the minister for trade and industry, said early data showed that economic activity was resilient in the first quarter. His ministry will release advance estimates for gross domestic product (GDP) on April 14 and update the economic outlook in May.\nThe island in February upgraded its economic forecast and expected GDP to expand 2% to 4%, compared with an initial estimate of 1% to 3%.\nSome parts of the economy will feel the effects more than others, Gan said. In manufacturing, the sectors most exposed are those that rely on natural gas, crude oil and petroleum derivatives as feedstock. He added that refineries had reduced their run rates and brought in shipments from sources outside the Middle East.\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2625961347","isCrawlerRequest":true}