SINGAPORE – Singapore issued a list of nine companies that will need to seek government approval for changes in their ownership or leadership, among other things, as they are deemed critical to national security interests.include the Singapore-based subsidiaries of global oil giants ExxonMobil and Shell. Singapore Refining Company, which is a joint venture between Singapore Petroleum Company and Chevron, is also included.
Under Sira, designated entities will have to abide by various requirements, including seeking approval for selling a significant stake in the company. Singapore already has sectoral legislation that imposes ownership and control restrictions in critical sectors, including telecommunications, banking and utilities. The new law will complement these.
“We acknowledge the designation of Shell Singapore under the Significant Investments Review Act. As a global company with operations around the world, we have worked with jurisdictions with similar policies and remain committed to comply with existing laws and guidelines in the countries we operate,” the spokesperson said.
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