A key goal is to grow new trade flows for renewable fuels as the global energy transition gathers pace, Low Yen Ling, the minister of state at the trade and industry ministry, said at APPEC by S&P Global Commodity Insights on Monday.

Over 60 companies including Exxon Mobil Corp, Repsol SA, Prax Group Holdings, Archer-Daniels-Midland Co and Bunge Ltd are trading biofuels from Singapore, Low told attendees at the conference, according to a transcript of her prepared remarks. Engie SA is also providing renewable energy certificates, carbon offsets and power purchase agreements, she said.

Singapore is still building on traditional fossil fuels. Abu Dhabi National Oil Co has established its trading office in the city-state to oversee the company’s trade of crude and oil products in the Asia-Pacific region, Low said.

“Singapore has made significant progress as a key trading hub for the energy sector and also in carbon trade and services,” she said.