Singapore Petroleum Co (SPC)
Is looking for acquisitions of up to US$650m to boost limited oil and gas assets, with a target to lift production to 150,000 barrels per day (bpd) to feed its refinery. SPC could pay up to S$1bn for a company with ‘good oil reserves’ given its healthy cashflow, with the aim of increasing SPC’s output from current levels of 2,600 bpd, said chairman Choo Chiau Beng. He did not give a timeframe for the target. He said SPC’s preference is for acquisitions as the risks are known whereas exploration risks are higher. He said SPC was looking at fellow countries in Asean as well as further afield in Australia, India and the Middle East, but declined to name any potential targets. SPC’s current gearing ratio is near zero, having fetched a net profit of S$112m in the first quarter. -Kim Eng
Vested Interest here.
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- SPC: Singapore Petroleum Corporation second quarter results
- UBS Reports on Singapore REIT scene
- Macarthurcook Industrial Reit (MI-Reit) boosts gearing limit
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