BOC provides funding for PetroChina's SPC buy-Basis Point

Bank of China has provided $1.7 billion in financing to help PetroChina acquire Singapore Petroleum Co from Keppel Corp and others, Basis Point said.

The funds will be provided to PetroChina ( PTR - news - people ) International (Singapore) Pte Ltd and are guaranteed by parent, PetroChina, Asia's largest oil and gas producer, Basis Point quoted banking sources as saying on Friday.

The deal will have a lifespan of more than three years.

PetroChina unveiled its first overseas acquisition of a public company in May by saying it would pay S$1.47 billion ($1.02 billion) for Keppel Corp ( KPELY.PK - news - people )'s 45.5 percent stake and planned to make a general offer for the rest of the company in a deal that valued the Singapore refiner at S$3.2 billion.

The acquisition of Keppel's stake had already been completed and PetroChina had moved into the general tender offer process, Basis Point said.

Funds from the facility had not been fully drawn and would likely be used further following completion of the tender offer, according to the report.

Source from reuter