In the latest billions-of-dollars overseas energy and resource-related takeovers by cash-rich Chinese companies, Asia's oil and gas bigwig PetroChina has gone in for a $1.02 billion (1.47 billion Singapore dollars) acquisition of Keppel Corp's 45.5 percent stake in Singapore Petroleum Company (SPC).

In addition to the acquisition - PetroChina's apparent move to take advantage of relatively low prices to expand its overseas oil assets - the Chinese biggie is also planning to make an offer for buying the remaining shares of SPC. As per Singapore rules, PetroChina is already buying over 30 percent of the company it would have needed to make an offer for the rest.

In a late Sunday statement to the Hong Kong Stock Exchange, PetroChina said that it would be buying SPC shares at S$6.26 per share, with the payment to be made through its Singapore subsidiary. The deal still needs regulatory approval, including from the Chinese government.

About its acquisition, PetroChina said: "SPC will become a new platform for the implementation of our international strategy and will provide a broader foundation and stable path for development."

Meanwhile, about Keppel's divestment of its stake in SPC, the company's CEO Choo Chiau Beng said that the move would enable Keppel - the world's largest offshore oil rig builder - to seize opportunities in other areas, including offshore oil industry.

(via TopNews Singapore. Contributed by Senthil Kumar)