26 January 2012

PetroChina, Chevron set to revive project

Oil giants PetroChina and Chevron are preparing to spend big bucks this year to upgrade their joint 290,000 barrel per day Singapore refinery. They are considering not only restarting an earlier-postponed US$300-400 million 'green' petrol project, but also adding at the same time, a base oil or lubricants feedstock plant, BT understands. 'It will be a 2-in-1 (go) project,' sources said, with the greenlight possibly as soon as next month. While no figures are available on how much the additional base oil project will cost, it should easily tip the total upgrading investments past US$500 million.

(The Business Times, 14 Jan 12)