Singapore Refining (SRC) is set to invest around $500m to construct gasoline and power generation units at its refinery on Jurong Island.

The investment will be used to build gasoline desulphurisation unit, an amine treating unit and heavy naphtha splitter, as well as cogeneration units, reports Reuters.

SRC was quoted by the publication as saying that the project is aimed at meeting higher gasoline specifications in the region.

SRC is the operator of the refinery, which produces 290,000 barrels per day.

The refinery is a 50:50 joint venture project of Chevron and Singapore Petroleum, a wholly-owned subsidiary of PetroChina International.