Financial Post, 26 May 2009
SINGAPORE -- PetroChina's US$2.2-billion bid to buy half a refinery in Singapore may look like yet another China deal for energy security, but really it says far more about Beijing's desire to flex its pricing muscle on world markets.
With its landmark deal to buy Singapore Petroleum Company (SPC), which owns a 30 year-old, 285,000 barrel per day (bpd) refinery, PetroChina adds the final piece of its trading arsenal: a major source of fuel supply in the trading hub where most of Asia's oil prices are determined.
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