Petrochina, the state energy group, has agreed to pay $1bn for 45.5 per cent of Singapore Petroleum Company in what will be the first major Chinese offshore purchase of a downstream energy company.
Petrochina will buy the entire stake in SPC held by Singapore's Keppel Corporation, the world's largest maker of oil rigs, and will carry out a mandatory general offer for the remaining 54.5 per cent of the Singapore-listed company as soon as the deal is granted Chinese regulatory approval.
The deal will be Petrochina's first cross-border acquisition of a public company, the first Chinese takeover of a publicly listed company in Asia and the largest public takeover in Singapore since 2001, according to people involved in the transaction.
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