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Petro皇冠体育app to acquire 45.51% stake in Singapore Petroleum Company

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

Petro皇冠体育app 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 Petro皇冠体育app's indirectly wholly owned subsidiary, Petro皇冠体育app 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 皇冠体育app's regulatory departments.

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Petro皇冠体育app and Keppel also plan to explore opportunities in the offshore oil industry and expect to realize more mutual interests, said Petro皇冠体育app.

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