SPC enters downstream market

Oil, gas firm Singapore Petroleum Company Limited (SPC) announced on Tuesday it had acquired a 60% interest in an Indonesian entity, PT Solar Premium Central, which has license to market fuels in Indonesia.

Upon completion of the acquisition, PT Solar will be the SPC?s first downstream marketing joint venture in Indonesia with the other significant interest in PT Solar held by Second Bridge Pte Ltd, a Singapore company owned by Indonesian parties, the company said. (denny)