Singapore Refining to Decide on Upgrade Investment in Early 2013

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.

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.