S'pore to buy stake in Natuna

S'pore to buy stake in Natuna

SINGAPORE (AFX-ASIA): Keppel FELS Energy & Infrastructure Ltd
said its unit Singapore Petroleum has bought a 15 percent stake
in the West Natuna gas project.

The acquisition was done by acquiring Burlington Resources Inc
unit LL&E Indonesia Ltd, which holds the West Natuna stake, it
said.

The purchase price was not disclosed.

"The acquisition of a strategic stake in West Natuna gas
project will provide the company with a steady stream of revenue
and will enable it to participate in the supply of natural gas to
Singapore on a long-term basis," Singapore Petroleum and Keppel
FELS chairman Choo Chiau Beng said.

"This is in line with Singapore Petroleum's new growth
strategy to expand and diversify into the upstream oil and gas
business to capture synergies and value in the energy supply
chain," Choo said.