Chinese oil firm PetroChina, a stakeholder of Singapore's largest oil terminal, could build an oil refinery in Singapore, a news report said. PetroChina, also the world's largest listed company by market capitalisation, is looking to build a refinery of between 400,000-500,000 barrels per day (bpd), the Singapore Business Times reported, citing an unnamed source.
The biggest oil firm in China currently holds a 35% stake in Singapore's 2.3 million cubic metres (m³) Universal Terminal, one of the largest independent terminals in the world.
The terminal was built by Singapore-based oil trader Hin Leong, which holds the remaining 65% stake in the facility.
PetroChina's interest in the oil terminal is expected to boost its oil trading activities in the island-state.
The oil firm is currently conducting a feasibility study on the construction of the oil refinery, the report cited a source as saying. The oil majors ExxonMobil and Shell currently have refineries in Singapore, a 605,000-bpd refinery and a 500,000-bpd refinery respectively.
Singapore's total oil refining capacity, including the 290,000-bpd facility under Singapore Refining Company (SRC), stands at 1.3 million bpd.
The biggest oil firm in China currently holds a 35% stake in Singapore's 2.3 million cubic metres (m³) Universal Terminal, one of the largest independent terminals in the world.
The terminal was built by Singapore-based oil trader Hin Leong, which holds the remaining 65% stake in the facility.
PetroChina's interest in the oil terminal is expected to boost its oil trading activities in the island-state.
The oil firm is currently conducting a feasibility study on the construction of the oil refinery, the report cited a source as saying. The oil majors ExxonMobil and Shell currently have refineries in Singapore, a 605,000-bpd refinery and a 500,000-bpd refinery respectively.
Singapore's total oil refining capacity, including the 290,000-bpd facility under Singapore Refining Company (SRC), stands at 1.3 million bpd.