PetroChina to buy 45.51% stake in Singapore Oil Company

Xinhua News Agency, China Petroleum and Natural Gas Co., 24th announced that it would acquire 45.51% of all shares of the Singapore oil Company owned by the company through its subsidiary company and a wholly-owned subsidiary of the Singapore Group Keppel Oil and Gas Services Co. This transaction was completed by the China Petroleum International Corporation, a wholly-owned Chinese Petroleum International Corporation (PetroChina) Co., Ltd.　　The cash value of the transaction is $6.25 per share, totaling about 1.47 billion new dollars, and will be paid in full when the transaction is completed. According to the briefing, the completion of the transaction has yet to be approved by China's regulatory authorities.　　The deal is expected to lead to a mandatory takeover bid for the rest of the company's shares. Singapore Petroleum is a regional energy company that specializes in refining and sales, as well as oil and gas exploration and exploitation. Singapore Oil Company owns 50% of the Singapore Refining Company, Singapore Refining Company is one of the three major refining companies in Singapore.