GOH Speech by Minister Grace Fu at PCS 40th Anniversary D&D 2024 “Starry Starry Night – 40 Years and Beyond”

Chairman, Mr. Seiji Takeuchi

Managing Director, Mr. Hisashi Shibayama

Distinguished Guests

Introduction

1. Good evening. It is my pleasure to join you tonight in celebrating PCS's 40^th year in Singapore.

40 years of growth and strong partnership with Singapore

2. Since its inception here in 1984, PCS has been a pillar of our chemicals industry. Starting with Singapore's first and only naphtha cracker, PCS has since grown its footprint to two world-scale crackers which supply essential feedstock to an expanding network of downstream companies. These companies in turn manufacture products that serve high growth markets such as electric vehicles, electronics, and optical displays.

3. Together with its customers, PCS has catalysed Singapore's growth as a global energy and chemicals hub. Today, the Energy & Chemicals sector contributes about 3% to our GDP, more than double its contribution 10 years ago (2012: 1.4%; 2022: 3.3%). It is also the second highest contributor to Singapore's manufacturing output and employs about 27,000 people across more than 100 companies here. Notably, chemicals made up the largest proportion of Singapore's total fixed asset investment commitments last year, of which a sizeable proportion was contributed by PCS and its customers such as Mitsui Chemicals, Sumitomo Seika, and Denka.

Transition towards net-zero ambitions

4. Even as PCS continues to strengthen its presence in Singapore, companies in the Energy & Chemicals sector will need to make a fundamental shift to reduce their carbon footprint and eventually make the transition to net-zero. As Minister for Sustainability and the Environment, I have spoken at length about Singapore's commitment to playing our part to tackle the global climate challenge. Likewise, businesses will need to do their part to decarbonise. This will be no mean feat, especially for those in hard-to-abate sectors like yours.

5. Yet, given the outstanding partnership that Singapore has shared with PCS all these years, I am confident that we can work together and progress in good pace towards our collective net-zero targets. PCS has in fact been a strong supporter of Singapore's net-zero efforts, by transiting towards more sustainable production pathways that reduce emissions. In particular, PCS has been proactive in using renewable electricity for its daily operations. It recently installed solar panels on-site and has also been exploring the use of a hydrokinetic turbine. Such efforts have won PCS yearly accolades at the National Environment Agency's Energy Efficiency National Partnership Awards.

6. As decarbonisation technologies gather greater momentum, we look forward to working with PCS and the broader chemicals industry, to implement larger-scale abatement projects such as Carbon Capture, Utilisation and Storage, and pursue bio-based or circular production pathways for the development of sustainable products.

Strong workplace culture of safety and accountability

7. Let me also take this opportunity to applaud PCS for achieving a major safety milestone of 20 years without Lost Time injury. Creating a safe workplace is of utmost importance in the chemicals sector, given the need to handle, transport and use various hazardous chemicals in its operations. PCS has also extended this positive culture to its pool of process, construction and maintenance contractors, and has received Responsible Care Awards by the Singapore Chemical Industry Council over the past five years. Well done!

Conclusion

8. In closing, I wish to congratulate PCS for achieving 40 years of growth and excellence, and 20 years of commendable safety record. I look forward to PCS's continued presence as the cornerstone of our Energy & Chemicals sector in the years to come.

9. I wish everyone a wonderful D&D ahead. Thank you.

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