Singapore Refining Co. plans to decide early next year on investments to upgrade its 290,000 barrel-a-day facility.
The joint venture of Chevron Corp. (CVX) and Singapore Petroleum Co., a subsidiary of PetroChina Co., “is on schedule to make a final investment decision on the construction of a gasoline- production upgrade project and associated electricity and steam cogeneration plant by early 2013,” it said today in an e-mailed statement.
Singapore Refining will spend $500 million on the expansion, the Business Times newspaper reported today, citing a source it did not identify.
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