The refinery is a significant supplier of the Singapore bunker market. File Image / Pixabay
Global energy producer Shell has brought forward plans for a dramatic cut in refining capacity at its Pulau Bukom plant near Singapore, a major supplier of the bunker market in Southeast Asia.
The firm now plans to cut capacity at the 500,000 b/d refinery by 200,000 b/d in July, price reporting agency Argus Media reported on Wednesday, citing a company spokeswoman.
The company had originally planned to make the cuts -- which will also result in 500 job losses -- by the end of 2023.
The move is part of the company's plans to shift away from a crude oil-based product slate towards low-carbon energy.