Speaking at a session of the Singaporean parliament, Yeo was adamant that Singapore must not let Thailand overtake it as a petroleum hub for the region. "Oil trading, bunkering and refining are traditional strengths of Singapore [and] Singapore will not let Thailand displace its status as an oil trading hub," said Yeo.

"[We are] watching developments there closely [and], where necessary, we will respond to them in a timely manner," added Yeo.

Singapore is the third largest oil-trading centre in the world and, since the announcement by the Thai government last year that it intends to become an energy trading hub, the island republic has felt that its position as Asia's premier energy hub is being challenged.