BP sells Singapore retail business

Singapore Petroleum is to buy British Petroleum’s retail marketing business in Singapore and has conditionally agreed to buy BP’s stake in a liquefied petroleum gas venture, in a deal worth about £40m (€59.5m).

The retail business would boost Singapore Petroleum’s network of service stations in Singapore from 10 to 40.

Buying BP’s 70% stake in BP-Wearnes Gas would add a major LPG bottler and distributor in the city-state.

Both deals are expected to be completed by the end of 2004, the state-linked company said in a statement to the Singapore Exchange.