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Last Updated : 26 May 2009 at 03:00 IST

Petro-China gains on SPC stake-deal

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Commodity Online
PetroChina Co. Ltd. (SHA:601857) has announced that it has initiated an agreement with Singapore Petroleum Co. or SPC to buy a 45.5% stake for S$1.47 billion or $1.02 billion in the latter.

PetroChina Co. Ltd. is an oil and gas producer and seller in the People’s Republic of China.

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PetroChina International (Singapore) Pte. Ltd a subsidiary of Petro-China Ltd. and Keppel Oil & Gas Services Pte Ltd a wholly owned subsidiary of Singapore-based Keppel Corporation Ltd. signed the agreement wherein SPC is valued at US$2.25billion.

PetroChina gained 1.87% at Shanghai Stock Exchange on Monday and was last traded at 13.1. It touched a 52-week high of 18.3 and low of 9.71.