SPC bids record $92.7m for Bt Batok petrol station site

PetroChina-owned SPC looks set to take over this Bukit Batok site on a 30-year lease by the end of the year. American oil giant Chevron, which is currently operating a Caltex station here, made the second highest bid of $77.3 million.
PetroChina-owned SPC looks set to take over this Bukit Batok site on a 30-year lease by the end of the year. American oil giant Chevron, which is currently operating a Caltex station here, made the second highest bid of $77.3 million.ST PHOTO: SYAMIL SAPARI

The offer, 20% more than next highest bidder, signals China-owned entity's growth ambitions

Fuel retailer Singapore Petroleum Co (SPC) has put in a bid of $92.7 million for a petrol station site - an all-time high - signalling the China-owned entity's ambition to grow its presence here.

SPC, which has just dropped its "leaping lion" logo for owner PetroChina's flower emblem, beat the second-highest bidder - American oil giant Chevron - by 20 per cent with its offer for the 1,552 sq m plot. Chevron, which currently operates a Caltex station at the Bukit Batok site, bid $77.3 million.

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A version of this article appeared in the print edition of The Straits Times on September 15, 2018, with the headline 'SPC bids record $92.7m for Bt Batok petrol station site'. Print Edition | Subscribe