SPC creates subsidiary in Guangdong

Singapore Petroleum Co. (SPC) said it has incorporated a new subsidiary in Guangdong, China, to distribute and market its branded lubricant products in the country. The unit will also establish a network of Speedy Care outlets that will offer car care and maintenance auto services, it said. SPC said the subsidiary, named Singapore Petroleum (Guangdong) Pte Ltd., has a registered capital of RMB17 million (US$2.1 million) and is wholly-owned by Singapore Petroleum Venture Pte Ltd. “The incorporation of SPC Guangdong is in line with SPC’s corporate strategy of increasing its business presence in the region,” Singapore Petroleum said in a statement. (October 19, 2006)