(Reuters) -Chevron expects to go "investment heavy" in South Korea on refining and petrochemicals, an executive with the U.S. oil major said at the Asia Pacific Petroleum Conference on Monday.

"So there'll be places like Korea where we go investment heavy in petrochemicals and in heavy oil upgrading, and then there'll be refineries like here in Singapore, where we've chosen to not make those big investments and actually get a better return through most parts of the cycle on capital growth," said Brant Fish, Chevron's president, international downstream.