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.

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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