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Singapore Petroleum Seeks Partner

September 10, 2001

SINGAPORE (AP) _ Singapore Petroleum Co. is looking for a foreign strategic partner, chief executive Leon Codron said on Monday.

A foreign investor would ``secure (Singapore Petroleum’s) future position in the oil industry and add meaningfully to shareholder value,″ he said in an opening address at the Asia Pacific Petroleum Conference.

In his speech, Codron said the accelerating pace of market forces’ influence and mergers among ``supermajors″ in the oil industry leave medium-sized players and Asia’s national oil companies no choice but to cooperate.

National oil companies risk being marginalized if they don’t team up and seek partnerships with other oil companies, Codron said.

Singapore Petroleum has also expressed interest in buying a stake in a natural gas pipeline from South Sumatra, Indonesia, to Singapore, Codron told Dow Jones Newswires.

Singapore Petroleum owns one-third of Singapore Refining Co., which operates a 285,000 barrel-a-day refinery on Singapore’s Jurong Island, a petrochemical complex located off the city-state’s west coast.

Caltex Corp. and BP PLC also own equal shares of the plant, although BP is seeking to divest its stake.

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