Hin Leong-led consortium eyes $6bn-8bn Singapore refinery -report

22 December 2010 05:16  [Source: ICIS news]

SINGAPORE (ICIS)---Oil trader Hin Leong Trading leads a consortium that is planning to build a $6bn-8bn (€4.56bn-6.08bn) refinery in Singapore, local newspaper The Business Times (BT) reported on Wednesday, citing unnamed sources.

A 300,000-500,000 bbl/day refinery - what would be the fourth in the city-state -  is currently being considered by the consortium, which includes one of the top four national oil companies in China and a European partner, BT said.

The planned greenfield project would be located on Singapore’s chemicals hub on Jurong Island and would make the city-state the world’s third largest oil refining and trading hub after Houston and Rotterdam, the newspaper said.

The new refinery, which could produce green fuels such as ultra-low sulphur gasoline, diesel and naphtha, was expected to be located next to Hin Leong's Universal Terminal (UT) in Jurong Island’s Meranti sector, according to BT.

Singapore currently has three refineries – ExxonMobil’s 605,000 bbl/day unit, Shell’s 500,000 bbl/day unit and Singapore Refining Co’s (SRC) 290,000 bbl/day unit.

Chinese oil and gas major PetroChina has a half share in the SRC refinery, BT added.

($1 = €0.76)

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By: Nurluqman Suratman

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