Singapore Petroleum Company Limited ("SPC" or "the Company") is pleased to announce that it has acquired a 60% interest in an Indonesian entity, PT Solar Premium Central ("PT Solar") for a total consideration of US$0.6 million through its wholly-owned subsidiary company Singapore Petroleum Venture Private Limited. The acquisition of the interest is subject to Indonesian regulatory approval.
PT Solar had applied for and received the General Fuel Oil Trading Licence from Directorate-General of Oil and Gas, Indonesia, to market fuels in Indonesia. Upon completion of the acquisition, PT Solar will be the Company's first downstream marketing joint venture in Indonesia with the other significant interest in PT Solar held by Second Bridge Pte Ltd, a Singapore company owned by Indonesian parties.
Mr Chris Keong, Senior Vice-President (Marketing), said, "The joint venture will build on and expand SPC's marketing presence in Indonesia which up to now has been focused on the distribution and sales of SPC branded lubricants through licenced distributors."
The Group does not expect the above to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.
SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.
Mr Teo Chang Ching
Manager, Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6426
Ms Joey Ho
Executive, Investor Relations & Communications
Singapore Petroleum Company Limited
Tel: (65) 6477 1550