SRC refinery upgrade awaits PetroChina nod
Partner Chevron seems to have okayed the project
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[SINGAPORE] It's flashing a hopeful amber - though not green yet - for a planned US$500 million-plus upgrading of the Singapore Refining Company (SRC) refinery on Jurong Island. This is because while US oil giant Chevron has given its official nod, the project is still awaiting a final investment decision from SRC's other joint venture partner, PetroChina.
The Chevron decision apparently only came last month, BT understands, or some three quarters of a year later than the earlier anticipated Q1 greenlight for the project.
PetroChina has yet to announce its stance, with sources saying that the two SRC partners are "still in discussions" over the upgrading go-ahead.
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