Singapore’s efforts to diversify its energy sources are paying off as war in the Middle East pushes up prices, but the government is still ready to act if needed, said Alvin Tan, Minister of State for Trade & Industry and National Development.
“We are monitoring the situation in the Middle East very carefully and we will step in to support households and businesses if necessary,” Tan said in an interview with Bloomberg TV’s Haslinda Amin. “Singapore is an open economy so we import the vast majority of our energy, and energy is an existential issue for Singapore.”