Last Updated :
07 September 2009 at 18:30 IST
Petro-China ends Singapore-Petro deal
Commodity Online Beijing based Petro-China Co Ltd. (SHA: 601857) Board has announced that it has in-directly became the single owner of Singapore Petroleum Co. Ltd. (SIN: S99)
Petro-China Ltd. is a China located entity engaged in the exploration, development, production and sale of crude oil and natural gas.
Petro-China, on 4th Sept. 2009 purchased a 50.7% stake in Singapore Petro Co. via a subsidiary, Petro-China International (Singapore) Pte. Ltd, in addition to the 45.51% stake it acquired on 21st June 2009.
Notably, on 31st Aug. 2009 Petro-China also agreed to acquire a 60% stake in 2 oil sand projects from Canada's Athabasca Oil Sands Corp. for US$1.7 billion.
Petro-China Ltd. stock however lost 0.15% at Shanghai Stock Exchange on Monday. It touched a 52-week high of 16.55 and low of 9.71.
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