Petrochem-refining sector in 'digesting' phase

[SINGAPORE] Times are challenging, lamented an oil refining source in the wake of falling margins and industry throughput especially in the second half of this year.

"2013 was a bit poorer than last year, with refineries here running largely on opportunity basis. And 2014 will definitely be no better, especially as new refineries emerge and markets stay weak. The dynamics have changed," he said.

"As for upgradings and new plant investments, companies here are likely to adopt a wait-and-see (approach) before splashing out any more money."

Such gloo…