Drew & Napier LLC acting as counsel to PetroChina International (Singapore) Pte. Ltd in proposed acquisition of Singapore Petroleum Company

2 June 2009 – Drew & Napier LLC (“Drew & Napier”) is advising PetroChina International (Singapore) Pte. Ltd (“PetroChina Singapore”), a subsidiary of PetroChina Company Limited (“PetroChina”), on the proposed 45.5% acquisition of Singapore Petroleum Company (“SPC”). Subject to regulatory approvals, PetroChina Singapore will purchase the stake from a Keppel Corporation subsidiary at S$6.25 per share valuing SPC at S$3.2billion in its entirety.

PetroChina is the world's second biggest oil company and SPC is Singapore's only 'homegrown' oil company. Upon completion of the deal, PetroChina will have to make a general offer to acquire the remaining shares in SPC. Valued at S$1.47 billion (US$1.02 billion), this will be the largest public takeover in Singapore since 2001 and possibly the biggest in Singapore corporate history. Industry watchers also say this could be the largest public takeover in Asian refining and marketing sector.

This is PetroChina’s first ever cross-border acquisition of a listed company, and is also the first public takeover by a Chinese company of a target in Asia.

Drew & Napier Directors Mr Sin Boon Ann and Ms Sandy Foo are advising PetroChina in relation to this acquisition.

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Verona Huang
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Drew & Napier LLC
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Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
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