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Singapore refinery profits fall to lowest since 2010

February 07/2019

MOSCOW (MRC) -- Average Singapore refinery profit margins fell to their lowest levels since 2010 as fuel markets struggle with oversupply while feedstock crude oil prices are near 2019 highs, as per Hydrocarbonprocessing.

The average refinery margins for a Singaporean refinery dropped to USD1.20 per barrel on Monday, the lowest since 2010, Refinitiv data showed.

Traders said the low profits were due to oversupply of refined fuels like fuel oil or diesel, while prices for crude oil, the most important feedstock and biggest cost factor for refineries, reached 2019 highs last Friday.

As MRC informed before, in 2016, Jacobs Engineering Group received a contract from Singapore Refining Company Private Ltd. (SRC), a JV between Singapore Petroleum Co. and Chevron, to provide services for an upgrade project at SRCТs refinery in Jurong Island, Singapore.
Author:Margaret Volkova
Tags:crude and gaz condensate, Chevron, Singapore.
Category:General News
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