SPC reviews investment plans

Singapore Petroleum Company (SPC) is “reviewing” its planned investments, including a “green” gasoline project and a S$100 million plus (US$68.11 million) co-generation plant, at its joint-venture refinery on Jurong Island in Singapore. This comes in the wake of falling product demand and the global credit crunch, according to a report.  The dent in SPC’s earnings was already seen in its third quarter 2008 results, which showed net profits plunging to S$619,000 (US$421,611) from S$98.12 million (US$66.83 million) during the same period a year ago. SPC and U.S.-based Chevron Corp. have a 50-50 share in the 290,000 barrel per day refinery. (January 9, 2009/November 27, 2008)