Petronas eyes BP refining stake

Tue, 11 Jun 2002 | Source: AFP

KUALA LUMPUR: Petronas, Malaysia's state-owned oil and gas company, is interested in buying BP PLC's stake in Singapore Refining Co., Petronas' chief executive said Monday.

"Yes, if the opportunity exists, we'd be interested to do something," Hassan Marican, Petroliam Nasional Bhd.'s chief, told reporters on the sidelines of an oil and gas conference in Kuala Lumpur.

BP, one of the world's largest petroleum and petrochemicals companies, has been seeking buyers for its 30 percent stake in Singapore Refining since 2000. There is speculation it is in talks with potential bidders including Singapore Petroleum Co., Oman Oil Co. and Indonesia's state-owned Pertamina.

Singapore Refining operates a 285,000-barrel-a-day refinery in the city state's Jurong Island. Singapore Petroleum Co. holds a 40 percent stake while Caltex Corp. holds a 30 percent stake in the company.

Marican also said Petronas is continuing negotiations with Pertamina and ExxonMobil Corp. on developing natural gas from the East Natuna field in Indonesia.--AP

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