China Petroleum & Chemical Corp., Asia’s biggest oil refiner, is studying possible investments in Singapore after reports the company’s parent may build a refinery in the island state.
The oil and gas company is looking at “business opportunities” in Singapore, the Beijing-based spokesman Huang Wensheng of Sinopec, as China Petroleum is also known, said today, without elaborating.
Huang declined to comment on a China Business News report that the parent group is in talks with the Singapore authorities to build a refinery and storage base. Sinopec Group is discussing building the projects on Jurong Island, the China Business News reported today, citing an unnamed government official in the city state.
Alex Tan, a spokesman for Singapore’s economic development board, didn’t immediately respond to calls made to his office.
Spending by Chinese companies on mining and energy acquisitions reached a record $32 billion last year as fuel demand rises in the world’s fastest-growing major economy. PetroChina Co., the nation’s biggest energy company, agreed last year to pay as much as $2.2 billion to buy Singapore Petroleum Corp. to gain a foothold in Asia’s largest oil trading centre.
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