Last Updated :
10 September 2009 at 19:00 IST
Chinese energy firms keen on Singapore expansions
Commodity Online Petro-China Co. (SHA: 601857) and its private-peer China Huaneng Co. have agreed to set an alliance over their strategy to expand in Singapore, pursuant to which they are set to acquire Singapore Petroleum Co. (SIN: S99) and Tuas Power Co. respectively.
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Petro-China and China Huaneng Co. are China's biggest oil and power generation companies. Singapore Petroleum Co Ltd. is principally engaged in the developing and producing oil and gas, petroleum refining and marketing.
Huaneng has urged Tuas Power Co. to initiate talks with Petro-China Singapore on potential areas of collaboration. They can collaborate in gas generation projects, long-term client development,
Natural Gas peak shaving and growth of clean energy generating capacity.
Notably, Petro-China may also supply
Coal for Tuas’s proposed RMB7 billion or US$2 billion clean coal/biomass steam cogeneration plant in Singapore.
Petro-China lost 0.59% at Shanghai Stock Exchange, closing at 13.4 on Thursday. It touched a 52-week high of 16.55 and low of 9.71.
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