Designation of Designated Entities
As previously discussed, the SIRA empowers the Minister to designate any entity "incorporated, formed or established in Singapore", "that carries out any activity in Singapore" or "that provides any goods and services to any person in Singapore", which the Minister considers necessary for Singapore's national security interests. The Minister has since identified nine Designated Entities, and published their names in the e-Gazette and on the Office of Significant Investments Review’s website. The Designated Entities are:
(a) ST Logistics Pte. Ltd.
(b) Sembcorp Specialised Construction Pte. Ltd.
(c) ST Engineering Marine Ltd.
(d) ST Engineering Land Systems Ltd.
(e) ST Engineering Defence Aviation Services Pte. Ltd.
(f) ST Engineering Digital Systems Pte. Ltd.
(g) ExxonMobil Asia Pacific Pte. Ltd.
(h) Shell Singapore Pte. Ltd.
(i) Singapore Refining Company Pte. Ltd.
Exemptions from SIRA
The Minister may grant exemptions from certain obligations under the SIRA for certain dealings with Designated Entities. Notably, the following exemptions were granted for ExxonMobil and Shell:
- ExxonMobil – Pursuant to the Significant Investments Review (Exemption – ExxonMobil Asia Pacific Pte. Ltd.) Order 2024, provided that ExxonMobil remains fully owned and controlled by its parent company (namely, Exxon Mobil Corporation):
- No prior written approval from or notification to the Minister is required for the introduction of a new controller of ExxonMobil, provided that such new controller (i) is fully owned and controlled by Exxon Mobil Corporation; and (ii) is not subject to the laws of any jurisdiction that prohibit or restrict the manufacture or production of critical fuel products in Singapore.
- No prior written approval from the Minister is required for the disposal of equity interests or relinquishment of control by existing controllers.
- No prior written approval is required from the Minister for the acquisition of an ExxonMobil business or undertaking that does not consist of or include any interest in any asset used in the manufacture or production in Singapore of any critical fuel product, provided that such acquirer is fully owned and controlled by Exxon Mobil Corporation.
- Shell – Pursuant to the Significant Investments Review (Exemption – Shell Singapore Pte. Ltd.) Order 2024, provided that Shell remains fully owned and controlled by its parent company (namely, Shell plc), no prior written approval is required from the Minister for the acquisition of a Shell business or undertaking that does not consist of or include any interest in any asset used in the manufacture or production in Singapore of any critical fuel product, provided that such acquirer is fully owned and controlled by Shell plc.
Reed Smith LLP is licensed to operate as a foreign law practice in Singapore under the name and style Reed Smith Pte Ltd (hereafter collectively, "Reed Smith"). Where advice on Singapore law is required, we will refer the matter to and work with Reed Smith's Formal Law Alliance partner in Singapore, Resource Law LLC, where necessary.
Client Alert 2024-163
