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Asia's largest oil and gas producer PetroChina (0857.HK) is buying Keppel Corp's (KPLM.SI) 45.5 percent stake in Singapore Petroleum Company (SPC) for S$1.47 billion ($1.02 billion) and plans to make a general offer to buy the rest of the firm.
SPC's main asset is a refinery in Singapore, Asia's oil trading and pricing hub, and so the acquisition may give PetroChina (601857.SS) more leverage and flexibility in oil trading.
It is the first overseas acquisition of a public company by PetroChina...
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The deal still needs regulatory approval, including from the Chinese government. Under Singapore rules, since PetroChina is buying more than 30 percent of the company it would need to make an offer for the rest.
Keppel, the world's largest offshore oil rig builder, said in the statement that together with PetroChina it plans to explore opportunities in the offshore oil industry and in other areas.
SPC's main asset is a refinery in Singapore, Asia's oil trading and pricing hub, and so the acquisition may give PetroChina (601857.SS) more leverage and flexibility in oil trading.
It is the first overseas acquisition of a public company by PetroChina...
[..]
The deal still needs regulatory approval, including from the Chinese government. Under Singapore rules, since PetroChina is buying more than 30 percent of the company it would need to make an offer for the rest.
Keppel, the world's largest offshore oil rig builder, said in the statement that together with PetroChina it plans to explore opportunities in the offshore oil industry and in other areas.
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