Hin Leong proposes to build mega refinery in Singapore

Hin Leong Trading (Pte) Ltd. has submitted a proposal to the Singapore government to build a large state-of-the-art refinery, according to local media reports. The plant, expected to cost between US$6 billion and US$8 billion, will process at least 500,000 barrels per day of crude oil and take a maximum of three and a half years to build, possibly in partnership with a Chinese state oil firm . “All the infrastructure is ready…The key is if the government decides that Singapore needs another big refinery,” Reuters quoted an anonymous source. Singapore’s Economic Development Board (EDB) issued a statement that it has no plans to attract a greenfield refinery investment and is focused on enhancing the competitiveness of its existing refining base instead . (December 22, 2010)