Speech by Mr Teo Ser Luck at the Opening Ceremony of Stolthaven's Tembusu Terminal, 11 Nov 2011

SPEECH BY MR TEO SER LUCK AT THE OPENING CEREMONY OF STOLTHAVEN'S TEMBUSU TERMINAL, 11 NOV 2011

Neils G. Stolt-Nielsen, Director and CEO Board of Directors, Stolt-Nielsen

Distinguished guests,

Ladies and Gentlemen,

Good morning. It is a pleasure for me to join you today to celebrate the opening of Stolthaven’s Tembusu Terminal on Jurong Island.

Jurong Island’s success

Jurong Island has become synonymous with Singapore’s reputation as a leading refining and chemicals hub. Its success is built primarily on the island’s “Plug and Play” model. This model gives companies ready access to an integrated supply of feedstock, utilities and logistics services.

To sustain Singapore’s leading position, we need to build on our success and continue to extend our value proposition. To this end, we have embarked on a journey to transform the industry, through the Jurong Island version 2.0 initiative. Jurong Island version 2.0 will see the implementation of system-level solutions in energy efficiency, and the introduction of new competitive feedstock and logistics options.

For example, as part of our efforts to diversify our feedstock, we are studying the possibility of introducing LPG and bio-renewables to Jurong Island in the longer term. We will also optimize the use of limited and valuable resources, such as energy, land and water. To deliver this ambitious vision, we need to work closely with industry partners like Stolt-Nielsen.

Stolt-Nielsen’s new terminal

We believe chemical manufacturers will welcome the entry of Stolt-Nielsen’s new terminal in Jurong Island. Chemical players now have more choices in service providers, and this can enhance their cost and service competitiveness. Logistics providers such as Stolt-Nielsen are also crucial in supporting other Jurong Island version 2.0 initiatives. For example, the product grid initiative is able to enhance robustness, optimization and availability of options.

As one of the world’s leading chemical logistics solutions providers, Stolt-Nielsen’s new terminal will offer chemical manufacturers sophisticated storage and handling solutions. Its expertise in tankers operations and tank containers, will also improve the integration of logistics services on Jurong Island.

Singapore as Stolt-Nielsen’s Home in Asia

With the rise of Asia, businesses like Stolt-Nielsen are increasingly seeing Singapore as their Home in Asia. Today, Singapore is already home to Stolt-Nielsen’s Asia-Pacific headquarters and the global headquarters of its bitumen trading business. This terminal expansion is a further vote of confidence in Singapore.

As Stolt-Nielsen continues to ride on the strong growth in Asia, we welcome Stolt-Nielsen to continue to access new markets and manage its critical global activities from Singapore.

Conclusion

In closing, let me extend my heartiest congratulations to the management and team at Stolt-Nielsen on the opening of Stolthaven’s Tembusu terminal. I thank you for your continued commitment to Singapore and I wish Stolthaven every success in this project.