PetroChina completes purchase of 45.5% of Singapore Petroleum shares

• Source: xinhua
• [09:29 June 22 2009]
• Comments

PetroChina Company Limited announced Sunday that it had completed purchase of 45.51 percent shares of refiner Singapore Petroleum and would make a buyout offer for the rest of its shares.

PetroChina would offer 6.25 Singapore dollars per share in cash. The deal would cost 1.47 billion Singapore dollars (1.02 billion US dollars) in total, according to the statement.

PetroChina, the listed unit of the nation's biggest oil and gas producer, said earlier on May 24 that it entered into a conditional agreement through its Singapore subsidiary to acquire 45.51 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.