Singapore Refinery Fire Update

Earlier this month, Royal Dutch Shell Plc, as part of its earnings report, claimed over $150 million US in losses due to a fire at its massive Singapore refinery, which forced the firm to temporarily shutdown its biggest plant worldwide.

The closure of the 500,000 barrel per day refinery, which makes up more than a third of Singapore’s capacity, drove up benchmark fuel prices in the city-state, hub for Asian fuel trade.