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PetroChina to acquire 45.51% stake in Singapore Petroleum Company

(Xinhua)
Updated: 2009-05-25 10:49

PetroChina Company Limited announced Sunday that the company has entered into a conditional agreement through its Singapore subsidiary to acquire 45.51 percent of the total issued share capital of Singapore Petroleum Company Limited (SPC).

The deal was for cash consideration of 6.25 Singapore dollars per share, or 1.47 billion Singapore dollars ($1.02 billion) in total.

The agreement was signed between PetroChina's indirectly wholly owned subsidiary, PetroChina International (Singapore) Pte Ltd, and Keppel Oil and Gas Services Pte Ltd, a wholly owned subsidiary of Singapore-based Keppel Corporation Limited ("Keppel").

The deal was still waiting for the final approval from China's regulatory departments.

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PetroChina and Keppel also plan to explore opportunities in the offshore oil industry and expect to realize more mutual interests, said PetroChina.

As one of the largest oil and gas companies in the world, PetroChina is engaged in a broad range of oil and natural gas activities including the exploration, production and refining of crude oil and natural gas.