This presented BP with an opportunity to enter
Singapore as an independent business, and
on 1st June 1964, a new company, BP Refining
Singapore Ltd, was formed. It was to be the
company’s ‘springboard’ to enter East Asian
markets, primarily in refining and marketing
ventures. Singapore became independent in
1965 when the federation was dissolved. As
a consequence of this on 1st December 1966,
another new company, BP Singapore Ltd was
formed.
BP entered the retail sector when it opened its
first service stations in October 1965. This sector
BP service station at Holland Road.
was dominated by Shell who by 1967 owned 400
stations. BP owned 38, but had funding and planning to increase this by 21 in the years ahead with the target
aim of reaching a market share of 15% by 1973.
During the 1970’s, the Singapore Government focused on promoting export-oriented, labour-extensive
industrialisation through an incentive programme, plus using Singapore’s strategic location to attract
foreign investments. Having constructed a strong manufacturing base, Singapore was aggressive in further
enhancing its business resources. Factories were built, skilled manpower was developed and industries
were diversified. This helped Singapore survive the 1973-75 global recession.
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