BP's network in S'pore sold

BP's network in S'pore sold

SINGAPORE: Singapore Petroleum said on Tuesday it has agreed to buy the retail network and gas business of the local subsidiary of British Petroleum (BP) in a deal worth US$70 million.

Singapore Petroleum, a unit of Keppel Corp., will buy BP Singapore's network of 30 gasoline and diesel stations, as well as its bottling and distribution of liquefied petroleum gas.

The deal, expected to be completed by the end of the year, follows Singapore Petroleum's earlier acquisition of BP's refining assets here for $140 million.

"The acquisition of BP Singapore's retail and LPG businesses is in line with the group's long-term strategy of growing and enhancing its downstream businesses," Singapore Petroleum chief executive Koh Ban Heng said. -- AFP