Singapore Petroleum buying BP's stake in Singapore Refining Co.

By OGJ editors
HOUSTON, Mar. 1 -- Singapore Petroleum Co. Ltd. (SPC) agreed to buy BP PLC's refining interests and one-third stake in Singapore Refining Co. Private Ltd. (SRC) for $140 million.

The refining interests include BP's one-sixth equity interest in the Tanker Mooring Services Co. Pte Ltd. Subject to receiving the necessary approvals, the parties anticipate completing the transaction by June 30.

SPC already owns a one-third share of the 285,000 b/d refinery, with Caltex Petroleum Corp. owning the remaining one-third.

"This acquisition is a logical step for SPC to consolidate its asset base, strengthen its earnings capability, and add to shareholders' value. With healthier refining margins, this acquisition is expected to enhance SPC's earnings," said SPC Chairman Choo Chiau Beng.

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