Pertamina drops plan to acquire stake at Singapore refinery

After conducting due diligence, state oil and gas firm Pertamina finally decided to drop plan to acquire stake at Singapore Refinery Company (SRC).

?The result of the due diligence showed the acquisition did not fit into Pertamina?s overall strategy,? Muchsin Bahar, Pertamina?s downstream director told Petromindo.Com on a sideline of a luncheon talk in Jakarta Wednesday.

Pertamina conducted due diligence after BP Plc offered to sell its one-third stake at the 285,000-barrel-per-day refinery. Singapore Petroleum Company and US oil firm Caltex each hold one-third stake in SRC. (alex/godang)