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Baker  Tech  ACCEPTS  Offer — Mainboardlisted Baker Technology said it has accepted Yangzijiang Shipbuilding’s offer to purchase Singapore- based PPL Holdings.

Millet Enriquez

SINGAPORE

In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).

Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.

One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.

*EXTREMELY SMART GOVERNANCE*

The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.

GLENCORE

PETROCHINA

SINOPEC

CNOOC

LAUGHiNG

Sinopec and EDB in talks on possible plant

SINGAPORE

Sources told MediaCorp that the discussions may involve a number of projects in the petrochemical and refining space.

According to reports, Sinopec is looking to build a large refining and petrochemical complex on Jurong Island. This may include a crude oil reserve depot, a large refinery and a lubricant plant.

While there are no details on the size of the possible plant, global provider of energy and metals information

As a comparison, a 580,000 barrel per day refinery built by Reliance in Jamnagar, India, was completed in 2008 at a cost of US$5.4 billion ($7.4 billion).

In January this year, China’s top economic planning agency — the National Development and Reform Commission — gave the green light for Sinopec to invest in and build a lubricant project in Singapore. Observers said this is in line with a growing trend in China for firms to go downstream.

While China is frequently seen to be a major importer of petrochemicals, experts said it is looking to become an oil exporter. Sinopec’s recent refinery project on China’s Fujian coast got a US$3.5-billion boost last year, raising its capacity to 480,000 barrels a day.— China Petroleum and Chemical Corp (Sinopec), is in talks with the Economic Development Board (EDB) on a possible major project here. An EDB spokesperson confirmed talks are taking place but declined to give specifics.Platts says recent Chinese refineries and projects being planned typically have a capacity of 300,000 barrels per day. A “large refinery” would have to be 500,000 barrels per day or bigger.

GLENCORE  DOUBLE 

CHEMOIL  CAPACITY 

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