Singapore eyes refining expansion

Singapore aims to lift its refining capacity from the current 1.3 million barrels per day and become a major biofuels production and trading center in an effort to retain its status as Asia-Pacific’s trading and price discovery hub, Singapore’s Minister for Trade and Industry S. Iswaran said. In a changing global energy landscape, Singapore needs to find new roles, Iswaran told delegates attending the 23rd Asia-Pacific Petroleum Conference. Expanding refining capacity and integrating biofuels with the oil industry are some of the initiatives the government is taking. With global refining capacity set to rise by around 3 million barrels per day, Singapore needs to enhance its own refining capacity to maintain its share in the global refining sector, he said. (September 12, 2007)