Singapore Corporate News - 25 Sep 2007

SPC expected to quadruple gas, oil output by 2009

WITH first oil starting to flow from its second Indonesian producing oilfield last weekend, Singapore Petroleum Company (SPC) is set to quadruple its oil/gas production to 11,000 barrels per day(bpd) by 2009, CEO Koh Ban Heng told BT.

SPC's latest 'oil strike' comes from the Oyong field, where after the initial ramp-up, oil production is expected to stabilise at between 8,000 and 10,000 bpd. Its 40 per cent share in Oyong will give SPC between 3,200 and 4,000 bpd.

SPC's share of Oyong oil production of 3,200-4,000 bpd will double the 2,800 bpd which it currently gets from its first producing field at Kakap.

Cosco wins contracts worth US$724m

SHOWING that it is a force to be reckoned with in the shipbuilding arena, Cosco Corporation (Singapore) said yesterday that its 51 per cent-owned Cosco Shipyard Group (CSG) has won contracts worth US$724.36 million (about S$1.09 billion).

The contracts, from German, Taiwanese and Greek shipowners, are to build 16 bulk carriers that range in price from US$38.5 million to US$49.54 million each. The bulk carriers are expected to be delivered between March 2010 and July 2011.

These contracts come on the back of CSG's announcement in August of having secured shipbuilding and conversion contracts totalling US$708.1 million from various international customers. The shipbuilding contracts were signed with customers from Greece, Turkey and Liberia, while the conversion contracts were from the USA, Taiwan and India.

Pacific Healthcare divests stake

PACIFIC Healthcare Holdings Ltd is divesting its stake in a Hyderabad project and said it will use the proceeds to fund other investments in India.

The Singapore healthcare group said yesterday it will sell its 70 per cent stake in Pacific Healthcare Pte Ltd (PHPL) - held through its 70 per cent shareholding in Pacific Healthcare (India) Pte Ltd (PHI) - to Vitae Healthcare Pte Ltd for 18 crores of rupees (approximately $6.78 million).

The sale will be effected in two tranches, with the first tranche of 21 per cent on Sept 21, 2007 and the balance 49 per cent within 12 months. The net gain of the disposal will be about $2 million.