The petrochemical industry is the backbone of Singapore's economy and features worldclass refining, storage, and distribution infrastructure. Several elements have made the citystate an important oil trading and refining hub. Singapore is strategically located between the Indian and Pacific Oceans, allowing companies to have easy access to large regional markets. It has deep-water berths that can accommodate large Suezmax and Panamax oil
tankers. Jurong Island, on the southern edge of Singapore, contains very large crude carrier (VLCC) anchors and transmission networks for LNG, liquefied petroleum gas (LPG), and petrochemicals