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.

Related Articles

EPA leads investigation of crude discharge at BP Whiting refinery

03/26/2014 The US Environmental Protection Agency took formal charge of investigation and cleanup efforts after an undetermined amount of crude oil spilled in...

TonenGeneral slashes crude capacity at Chiba refinery

03/26/2014 TonenGeneral Sekiyu KK said it plans to cut crude oil processing capacity at its 175,000-b/d Chiba refinery Keiyo, Japan, to comply with a 2010 ord...

Neste Oil advances power plant revamp at Porvoo refinery

03/26/2014 The environmental impact assessment report on a project to modernize the power plant at Neste Oil’s 205,000-b/d Porvoo, Finland, refinery has been ...

Yanchang Petro lets contract for Chinese processing plants

03/26/2014 Shaanxi Yanchang Petroleum (Group) Co. Ltd. (Yanchang Petro) has let a contract to Yokogawa China Co. Ltd., a subsidiary of Yokogawa Electric Corp....

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected