The government of Singapore plans to raise its oil refining capacity from the current 1.3 million barrels a day, as part of its initiative to establish itself as a biofuel hub.

S Iswaran, Singapore’s minister of state for trade and industry, has said that this would create the liquidity needed for anchoring oil trading and price discovery activities.

Among other initiatives, the government plans to integrate biofuels into the Singapore oil industry and carry out R&D in the fields of lubricants, process optimization, catalyst development, development of next-generation biofuels and so on.

Growing our refining capacity and developing the biofuels sector will help Singapore stay in the game, Mr Iswaran said in a speech at a petroleum conference, as cited by Platts.