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Singapore Refining Co. says it will be forced to run at 70% capacity this year, as excess supply of oil products continues to undermine profitability in the sector.
The company has been selling feedstock to firms such as Petrochemical Corp. of Singapore, one of Asia's largest ethylene manufacturers, and Eastman Chemical Co. It will start supplying feedstock to Singapore Syngas Ltd., an industrial gas maker, in the first half of this year.
Singapore Refining operates a 285,000 b/d refinery on Jurong Island. The company mothballed an 18,000 b/d secondary refining unit last September and slashed its work force by more than a third to 400 over the last 3 years. …