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SPC already owns a one-third share of the 285,000 bpd refinery, with the remaining one-third being owned by Caltex.
"SPC has been a long time strategic partner of BP in Singapore and we are pleased to have reached an agreement with them which we believe is of mutual benefit," said William R. Bussing, BP's manufacturing director.
"This acquisition is a logical step for SPC to consolidate its asset base, strengthen its earnings capability and add to shareholders' value. With healthier refining margins, this acquisition is expected to enhance SPC's earnings," said Choo Chiau Beng, SPC's chairman.
