BP
sells stake in Singapore Refining Company to SPC
Posted: 1 March 2004
BP and the Singapore Petroleum Company Limited (SPC) announced
today (March 1, 2004) that they have reached conditional agreement
for SPC to purchase BP's refining interests and one-third stake
in Singapore Refining Company Private Limited (SRC) for USD $140
million. The refining interests include BP's one-sixth equity interest
in the Tanker Mooring Services Company Pte Ltd.
Subject to receiving the necessary approvals and consents, the
parties anticipate completing the transaction by June 30, 2004.
SPC already owns a one-third share of the 285,000 bpd refinery,
with the remaining one-third being owned by Caltex.
"SPC has been a long time strategic partner of BP in Singapore
and we are pleased to have reached an agreement with them which
we believe is of mutual benefit," said Mr William R. Bussing,
BP's Manufacturing Director.
"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 Mr Choo Chiau Beng, SPC's
chairman.
About BP
BP is one of the world's largest energy companies, with global interests
in more than 100 countries. It is a major producer of oil and gas
and has substantial refining, retail, petrochemical and solar interests.
The company employs more than 110,000 people worldwide.
BP in Singapore which first started business in 1964, will remain
a knowledge hub for the region, hosting key functions such as Legal,
Tax, Audit, and Digital Communications Technology, and will continue
to play a key role in servicing BP?s regional and global business
interests.
For more information see www.bp.com
Posted by Richard Price,
Editor Pipeline Magazine
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