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BP to sell its retail and LPG business to SPC

 

BP and the Singapore Petroleum Company Limited (SPC) announced today (July 5, 2004) that they have reached conditional agreement for SPC to purchase BP’s Retail and LPG Business in Singapore retail network and related assets for USD $70 million.

The network Retail Business comprises 30 stations and the associated Business administration. The LPG Business comprises BP’s 70% shareholding in BP Wearnes Gas Ltd.

Subject to receiving the necessary approvals and consents as well as possible pre-emption, the parties anticipate completing the transaction near the end of 2004.

The staff impact is limited to around thirty posts. BP will do its best to minimise the impact but some redundancies are expected.

SPC recently acquired half of BP’s one-third share of the Singapore Refining Company (SRC) 285,000 bpd refinery taking their ownership to 50% of SRC, with the remaining 50% one-third of the refinery being owned by Caltex.

SPC has been a long time strategic partner of BP in Singapore and we are pleased to have reached this agreement with them which we believe is of mutual benefit. BP has been in Singapore for 40 years and we will definitely remain a key player.

“Our BP Singapore office is a key commercial and will transform itself into a regional knowledge hub in the Asia Pacific region playing a strategic key strategic role in driving and supporting BP’s wide sspectrum of activities including trading oil and petrochemical products, lubricants, bunker and aviation fuels as well as serving the region with functional support units such as tax, and legal, audit and information technology. ” said Dr Wu Shen Kong, President of BP Singapore.

BP is one of the top five companies in Singapore with an annual turnover of about USD7 billion last year and expects its activities to grow in tandem with Singapore’s and the region’s enhanced economic prospects.

Whilst the sale to SPC is being finalised, BP will continue its retail operations to operate its Business to the with its usual highest operational and safety standards. BP and SPC will share transition details with stakeholders concerned as soon as possible.

“Meanwhile, we’d like to take this opportunity to thank all our motoring customers and assure them of our continued high quality customer services. Obviously, we would honour all obligations, including the loyalty card points and benefits over the last 40 years. BP’s other lubricant products – BP and Castrol brands – will continue to be available in the motor workshops.” says Mr Goh Pi Kuan, BP Retail General Manager.

Source: BP Press Release 6 Jul 2004

 

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Friday
9 July 2004