PetroChina finishes buyout of Singapore Petroleum

Shanghai, September 9 (Gasgoo.com) Chinese oil giant PetroChina Co., Ltd. recently announced that it has bought out Singapore Petroleum Co. (SPC) through its wholly-owned subsidiary, PetroChina International (Singapore) Pte. Ltd, Sinocast said.

In late May, PetroChina International (Singapore) and Keppel Oil and Gas Services Pte. Ltd. entered into a conditional agreement on purchase of 234,522,797 shares or 45.51% held by the latter in SPC, and the deal was completed on June 21.

Last week, the buyer completed a conditional tender offer of up to 263,297,097 SPC shares at SGD 6.25 or CNY 29.68 apiece. These shares accounted for 50.87% of the target company's total capital stock. Next, SPC will be delisted from the Singapore Stock Exchange.

The annual oil-equivalent output of SPC is 3.11 million barrels. The output of its downstream products stands at 74.20 million barrels per year. It has 38 gas stations in service, ranking it third in Singapore.

To sharpen its competitive edge in overseas markets, PetroChina intends to make SPC a new platform in its long-term globalization strategy. PetroChina's parent China National Petroleum Corp. has received a $30 billion loan to fund overseas expansion.