PetroChina Acquires Keppel's 100% Stake in SPC     

On May 24th, PetroChina Company Limited (PetroChina, HK: 00857; NYSE symbol PTR; SZ: 601857) announced that its indirectly wholly-owned subsidiary PetroChina International (Singapore) Pte. Ltd. that PetroChina holds via PetroChina International Company Ltd., has entered into a conditional agreement with Keppel Oil and Gas Services Pte Ltd, a fully owned subsidiary of Keppel Corporation Limited (Keppel), to acquire its entire shareholding in Singapore Petroleum Company Limited (SPC), representing approximately 45.51% of the total issued share capital of SPC (excluding treasury shares) for cash consideration approximately US$1.02 billion. If and when the acquisition is completed, subject to Chinese regulatory approvals, PetroChina International (Singapore) Pte. Ltd. intends to make a Mandatory General Offer for the remaining shares of SPC.
   PetroChina acquiring 45.51% stake in SPC will help PetroChina implement its international strategy by a new platform of SPC, PetroChina says
   SPC is a regional energy company with interests in petroleum refining and marketing and in oil and gas exploration and production. SPC has a 50% interest in Singapore Refining Company Private Limited, one of the three major petroleum refiners in Singapore. SPC also conducts terminal and distribution and trading of crude and refined petroleum products.
   PetroChina and Keppel also plan to explore opportunities in the offshore oil industry and in other areas of mutual benefit as such opportunities become available.
   PetroChina International (Singapore) Pte. Ltd. focuses on trading in crude oil, oil products and petrochemicals, and investment in storage facilities in Indonesia, Vietnam, Singapore, South Korea and China.
   PetroChina is one of the largest oil and gas companies in the world, specializing in a broad range of oil and natural gas activities including the exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; production and marketing of primary petrochemical products, derivative chemical products and other chemical products; and transportation of natural gas, crude oil and refined products.