Petrochina controls 57% Singapore Petroleum

Petrochina has purchased additional 11.61% shares in Singapore Petroleum Corporation (SPC) from a tender offer of public shares. Combined with 45.51% shares acquired from Keppel Oil and Gas (Temasek), Petrochina currently controls 57% of SPC.

SPC told Singapore Stock Exchange (SGX) on Tuesday that as of July 14, Petrochina received acceptance of 11.61% shares through its tender offer launched after the acquisition of Keppel shares. 

The company could still raise its ownership in SPC from both tender offer and options offer to be expired August 21, 2009. SPC said until July 14, Petrochina has not received any valid acceptances on the options.

Petrochina acquired 45.51% last month for US$1.01 billion. SPC owns interests in three oil and gas blocks in Indonesia. They are Sampang PSC (40%), Mahakam Hilir PSC (100%), and Kakap PSC (15%). 

SPC also holds interests in three regional gas transmission pipelines; the 654-Km West Natuna Transportation System, the 468-km Grissik-Batam-Singapore Pipeline, and the 536-km Grissik-Duri pipeline.

SPC also holds a 50% interest in the Singapore Refining Company (SRC), a refinery with processing capacity of 290,000 barrels per day.

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