Chinese firm buys 45.5% stake in Singapore refiner
PetroChina, the listed unit of China's biggest oil and gas producer, said it had agreed to buy a stake in refiner Singapore Petroleum Co. for 1.02 billion dollars, AFP reported.
PetroChina purchased 45.51 percent of the Singaporean company's issued share capital at a premium on the market price of 24 percent, the Chinese company said in a statement to the Hong Kong Stock Exchange.
The statement also said PetroChina intended to make an offer for the rest of the company upon completion of the deal.
"SPC will become a new platform for the implementation of our international strategy and will provide a broader foundation and stable path for development," PetroChina said in a statement on its website.
The deal is the latest high-profile bid by China to ensure resources for its fast-growing and energy-guzzling economy.
PetroChina bought the shares from Keppel Oil and Gas Services, part of Singapore-based conglomerate Keppel Corp., according to PetroChina's statement to the Hong Kong stock exchange.
Singapore Petroleum Co. is a regional energy company with interests in petroleum refining and marketing and owns a 50 percent stake in Singapore Refining Co., one of Singapore's three major petroleum refiners, PetroChina said.
PetroChina added that Singapore Petroleum Co. is engaged in oil and gas exploration, with production properties in China, Indonesia, Vietnam, Cambodia and Australia.
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