PetroChina acquires Keppel's entire stake in SPC

PetroChina Co. Ltd., a holding subsidiary of China National Petroleum Corp. (CNPC), announced that it has entered into a conditional agreement with Keppel Oil and Gas Services Pte. Ltd., a wholly owned subsidiary of Keppel Corp. Ltd. (Keppel). Under the agreement, PetroChina will acquire Keppel’s entire shareholding in Singapore Petroleum Co. Ltd. (SPC), representing approximately 45.51% of the total issued share capital of SPC (excluding treasury shares) for cash consideration of S$6.25 (US$4.29) per share, equivalent to approximately S$1.47 billion (US$1.02 billion) to be paid in full upon completion of the transaction. If and when the acquisition is completed, subject to Chinese regulatory approvals, PetroChina International (Singapore) Pte. Ltd. intends to make a mandatory general offer for the remaining shares of SPC. (May 25, 2009)