S'pore Petroleum to buy BP's stake

S'pore Petroleum to buy BP's stake

SINGAPORE: Singapore Petroleum Co. Ltd. said on Monday it will
buy British Petroleum Singapore's one-third stake in Singapore
Refining Company Pte. Ltd. and one-sixth equity interest in
Tanker Mooring Services Co. Pte. Ltd. in a deal worth about
US$140 million.

Singapore Petroleum said the acquisition would double its
refining capacity and strengthen its position as a leading
petroleum products supplier in the Asia Pacific region.

Singapore Petroleum said in a statement that the price will
also cover the purchase of BP Singapore's interests in crude and
product inventories.

It said the acquisition is expected to be completed by June
30.

The Singapore Refining Company is owned by a consortium that
includes Singapore Petroleum and BP Singapore and runs an oil
refinery situated on Singapore's Jurong Island with a maximum
capacity of 285,000 barrels per day. Caltex Trading Pte. Ltd. and
Caltex Singapore Pte. Ltd. are also part of the consortium.

Singapore Petroleum is partly owned by Keppel Oil & Gas
Services Pte. Ltd., a subsidiary of Keppel Corp, which is 32
percent owned by the government's holding company, Temasek.
--AFP