Singapore Petroleum confirms reviewing projects

Mon Jan 5, 2009 12:15am EST

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SINGAPORE Jan 5 (Reuters) - Oil refiner and retailer Singapore Petroleum Co (SPC) SPCS.SI said on Monday it was reviewing plans for two investments, confirming a local media report.

The Business Times newspaper had said Singapore Refining Co, a joint venture between SPC and U.S. oil giant Chevron (CVX.N), may scrap plans to invest $200-300 million to produce ultra-low-sulphur gasoline and another $100 million in a co-generation plant.

SPC, an affiliate of rig builder Keppel Corp (KPLM.SI), did not provide a reason for the review, which comes amid falling demand for oil products and the global credit crunch.

By 0510 GMT, shares in SPC were up 3 percent in a broader market .FTSTI up 1.6 percent. (Reporting by Kevin Lim; Editing by Anshuman Daga)

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