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Singapore set to expand collaboration with Russia in new areas

September 10, 2014, 11:06 UTC+3 (recasts) <
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SINGAPORE, September 10. /ITAR-TASS/. Singapore’s government is set to expand collaboration with Russia in traditional areas and in new forms of partnership as well, Singapore’s Vice-Premier, Finance Minister Tharman Shanmugaratnam said on Wednesday.

Speaking at the fifth session of the High-Level Russia-Singapore Intergovernmental Commission, he said that the two countries’ health ministries had held consultations, including on social insurance.

At the same time, the vice-premier said that cooperation with Russian regions was expanding, in particular a working group was set up to promote partnership with St. Petersburg, and also Singapore was boosting ties with the Far Eastern city of Vladivostok and the Siberian city of Novosibirsk.

Russian Deputy Prime Minister Igor Shuvalov said that Russia was hopeful Singapore would be interested in developing the Far East.

According to International Enterprise (IE) Singapore, trade between the two countries has increased by 17% to $5.7 billion. Oil and oil products as well as non-ferrous metals make up a major share of Russia’s exports, while component parts for machines and equipment, electronic devices as well as textiles and chemicals are imported.

Russia set to expand its presence in Singapore energy market

Russia is set to expand its presence in Singapore’s energy market and to compete equitably with other suppliers of hydrocarbons, Russian Deputy Energy Minister Yuri Sentyurin told Itar-Tass on Wednesday.

“We have optimistic expectations,” Sentyurin said. “Singapore occupies a significant place in the Asia-Pacific region and now it is an important venue for trade that lets through large consignments of Russian oil products.”

The deputy minister said that “certain Russian companies have received a right to sell LNG here.” So “we together with Singaporeans expect to occupy our rightful place in this dynamically growing market and the Gazprom platform that has already been set up in Singapore could facilitate it.”

In December Singapore will play host for a large oil and gas exhibition where a Russian pavilion uniting the Energy Ministry and major companies is due to be presented.

Sentyurin said that Russia was set to enlarge its investments and to increase technological presence in Singapore as well.

“We usually speak about Singapore’s investments into Russia but now we are keen to expand our presence in that market, too,” he said adding that “paper work is underway for creating an industrial site for the Russian holding Orgkhim,” which is engaged in petrochemical industry.

“We are seeing support from our partners in Singapore,” Sentyurin said.

Eventually, [Russia] would be “present here as an investor and technologically rather than a traditional supplier of energy and resources,” he said.

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