Singapore Petroleum Company

Singapore Petroleum Company Limited, in short SPC, is a subsidiary of Chinese state-owned company PetroChina. It is involved in the exploration and production of petroleum, refining, trading and petroleum product distribution.

History

The company was founded in 1969 as the Singapore Petroleum & Chemical Co. Pte Ltd and later changed its name to the Singapore Petroleum Company Ltd. The company is also a part-owner of Singapore Refining Company Pte Ltd which was founded in 1979.[2]

In 2004, SPC acquired 50% of BP's interest in the SRC and BP's retail network of 28 stations and LPG business in Singapore.[2] In 2009, SPC was acquired by China's PetroChina from Keppel Corporation and was delisted from the Singapore Stock Exchange. In 2019, SPC changed its logo to further integrate into the PetroChina brand and went over a company overhaul. A new visual identity was introduced incorporating logo elements of PetroChina.[3]

Refining, Supply and Trading

Refining

SPC, with equal partner Chevron Corporation (who also owns Caltex), owns half of the 285000 oilbbl/d Singapore Refining Company (SRC) plant, a complex refinery capable of cracking crude oil.[4][5]

The refining of crude oil to petroleum products remains central to the Group's operations. Given the complexity of its refining facilities, SPC is able to refine heavy, medium and light crudes. SPC buys crudes from some 13 countries with the bulk of its supplies coming from the Middle East. The API gravity of these crudes ranges from 18 (mostly heavy/sour crude) to 45 (mostly light/sweet crudes). In 2006, the Group processed more than 51 Moilbbl of crudes through SRC, its jointly owned refinery on Jurong Island.

Supply

The Company owns a storage terminal for petroleum products at Pulau Sebarok to support its marine bunker operations and trading and marketing activities. The 220,000 cubic metres terminal consisting of 13 tanks is equipped with a deep water jetty up to 160,000 tonnes displacement.

Trading

The trading unit actively trades in a variety of distillate and residual products which include Naphtha, Gasoline, Automotive Diesel Oil, Jet Fuel and Fuel Oil.

The Aviation Sales unit markets and supplies aviation fuel to airlines at four international airports in Singapore, Hong Kong, Bangkok, and Taipei. SPC is a supplier of aviation fuel in the Asia-Pacific region.

The Distillates unit is responsible for the sales and trading of naphtha, motor gasoline (petrol), gasoil (diesel) and jet fuel (kerosene).

The Residue unit is responsible for fuel oil trading and marine sales activities. Fuel oil of various specifications, including standard bunker grades, is sourced directly from SRC as well as from the Group's extensive network of global oil traders.

In 2006, more than 74.1 Moilbbl of crude and refined petroleum products were handled in these downstream product channels. Of this volume, slightly more than 50.0 Moilbbl were products sourced directly from SRC with the balance of more than 24.0 Moilbbl sourced from the Group's extensive network of oil majors, multinational oil traders and national oil companies.

type	Private
founded	May 19, 1969 in Singapore‡R1R‡
hq location city	Singapore
parent	PetroChina
website	spc.com.sg

Singapore Petroleum Company

History

Exploration and Production

Refining, Supply and Trading

Refining

Supply

Trading

Financial

External links

References