PetroChina, one of the largest oil and gas companies in the world, recently entered into a conditional agreement with Keppel Corporation Limited to buy its entire 45.51% stake in Singapore Petroleum Company Limited (SPC) for approximately US$1.02 bln (S$6.25/share). The agreement, which is subject to Chinese regulatory approvals, was inked between PetroChina's indirectly wholly owned subsidiary, PetroChina International (Singapore) Pte. Ltd. and Keppel Oil and Gas Services Pte Ltd, a wholly owned subsidiary of Keppel Corporation Limited. Once the acquisition is complete, PetroChina International (Singapore) Pte. Ltd. intends to make a Mandatory General Offer for the remaining shares of SPC, it announced.
SPC is a regional energy company with interests in petroleum refining and marketing and in oil and gas exploration and production. SPC has a 50% interest in Singapore Refining Company Private Limited, one of the three major petroleum refiners in Singapore. PetroChina International (Singapore) Pte. Ltd. is involved in activities including trading of physical crude oil, refined oil products and petrochemicals, and investment in a storage facility. Its main markets include Indonesia, Vietnam, Singapore, South Korea and China.