SPC to buy BP S’pore stations

SINGAPORE:Singapore Petroleum Co Ltd (SPC) said it has agreed to buy BP Singapore's network of 30 service stations in Singapore and a 70% stake in liquefied petroleum gas (LPG) distributor BP-Wearnes Gas Pte Ltd for a total of US$70mil. 

“The acquisition of BP Singapore's retail and LPG businesses is in line with the group's long-term strategy of growing and enhancing its downstream businesses,” SPC chief executive officer Koh Ban Heng said. 

“The enlarged retail network and LPB business will provide the group with a steady and long-term outlet for the refined products from its jointly owned refinery, Singapore Refining Co (SRC),” he said. 

Last week, SPC and ChevronTexaco completed the acquisition of BP Singapore’s one-third stake in SRC, giving the two companies 50% each.  

The latest acquisition will be financed using SPC’s internally-generated resources and borrowings, SPC said. – AFX-Asia  

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