PetroChina buys 45.5 pct of Singapore Petroleum

Chinese oil and gas giant PetroChina says it has acquired a 45.5 percent stake in Singapore Petroleum Co. for 1.47 billion Singapore dollars ($1.02 billion) and plans to make an offer for the company's remaining shares.

The purchase is the latest in billions of dollars of overseas energy and resource-related acquisitions by cash-rich Chinese companies taking advantage of relatively low prices to expand their overseas assets.

PetroChina is paying S$6.26, through its Singapore subsidiary, for each Singapore Petroleum share, the company said in a statement late Sunday to the Hong Kong Stock Exchange.

The …