26 Nov '16, 5am

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Lee executed one of history’s boldest, most successful industrialization programs by persuading the oil majors to build a world-class refining industry in Singapore from scratch. Between 1961 and 1974, Shell, BP, Esso, Mobil, Caltex, Chevron and the Singapore Petroleum Company invested an estimated total of US$350 million — substantial sums those days — to build five refineries with a combined daily capacity to produce more than a million barrels of fuel and oil products. In less than a decade, the strategically-located island with no crude reserves had emerged as an international oil refining center alongside Houston and Rotterdam. As a net producer of fuel and refined products, Singapore was among a handful of countries to benefit from the First Oil Shock of 1974. Big Oil helped launch the Singapore economic miracle. Its formidable presence gave confidence and investor e...

Full article: http://www.atimes.com/cuba-singapore-two-roads-wood/

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