30 Sep '17, 10pm

China oil giant enters Singapore petrol station business

Chinese oil giant Sinopec is muscling into the Singapore petrol station business, having outbid the incumbents for two sites recently. Observers said this could lead to more competitive petrol prices for consumers. It is the second Chinese company in the sector here, after PetroChina - a fellow state-owned entity with which Sinopec has a close relationship - acquired SPC eight years ago. In a Housing Board land tender, Sinopec clinched a 1,689 sq m empty plot in Yishun Avenue 1 for $42.5 million in February. This was followed, a few months later, by a plot in Bukit Timah Road owned by Ho Bee Land, currently occupied by SPC. The sum for the latter is unknown - Ho Bee Land did not reply by press time. Sinopec Hong Kong's head of gasoline Jonathan Wong said he did not have the figure, but reckoned it was "around $45 million". Asked when Sinopec would start fuel retail operati...

Full article: http://www.straitstimes.com/singapore/transport/china-oil...

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