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22 June 2009

PetroChina takes 45% stake in Singapore Petroleum

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PetroChina Co. said Sunday it has completed the purchase of 45.5 percent stake in Singapore Petroleum Co and will make a buyout offer for the balance of the shares, reported Chinese state news agency Xinhua.

PetroChina will offer $6.25 in cash per Singapore Petroleum share under the offer, which it is required to make under Singaporean regulations. The deal would cost 1.47 billion Singapore dollars ($1.02 billion) in total, according to the statement.

PetroChina, the listed unit of China's biggest oil and gas producer, said earlier on May 24 that it entered into a conditional agreement through its Singapore subsidiary to acquire 45.5 percent of the total issued share capital of Singapore Petroleum.

The agreement was signed 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 Singapore-based Keppel Corporation Limited.


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