(EnergyAsia, June 30) — The share price of Singapore Petroleum Corp has reached record high levels of more than S$5 following reports that Indian Oil Corp is interested to buy a 26.5% stake in the Singapore-listed integrated oil company. (US$1=S$1.67).


“A financial investor with about 26.5 per cent equity stake in SPC is keen to exit by selling its entire equity to an interested party. We are in dialogue with the investor,” an unidentified company official told the Press Trust of India (PTI).


           


SPC, which has a market cap of about $1.1 billion, owns a 50% in Singapore Refining Company’s 273,000 b/d refinery and a 220,000 cubic meters capacity oil storage terminal in Singapore. It has 39 retail outlets in Singapore with around 18% market share.


           


SPC has a strong foothold in the aviation and bunker fuels business.


           


In addition, the company owns a 15% stake in the offshore Kakap gas field and a 40% in Sampang field off East Java, Indonesia. It also has a 10% working interest in exploration Block 102 and 106 in offshore Vietnam.


           


SPC also has a stake in the US$7 billion Trans-ASEAN Gas pipeline that is to link Malaysia, Myanmar, Thailand, Indonesia, Philippines, Sumatra and Brunei.