28-February-2007

SPC Secures New Service Station Site in Punggol

Singapore Petroleum Company Limited ("SPC" and the “Company”) has been awarded a 30-year lease for the development of a new service station site in Punggol by the Housing Development Board (“HDB”). The Company secured the lease through an e-bidding tender process with a winning bid of S$8.5 million.

The 1,999 square metre-site is situated at the cross junction of Punggol Central Road and Edgefield Plains and will be SPC’s 40th service station in Singapore.

While the new site will primarily serve the residents of Punggol, it is also placed to capture transient traffic from two major residential estates, Sengkang and Hougang, via two arterial roads that link the three estates. Punggol is also flanked by the Pasir Ris New Town and the Seletar estate and connected to these by the Tampines Expressway. With the anticipated opening of the the new Kallang/Paya Lebar Expressway in 2007, the Punggol estate will be more easily and directly accessible from other parts of Singapore.

Commenting on the acquisition, Mr Chris Keong, Senior Vice-President, Marketing, said, “This is a strategic location to augment and strengthen SPC’s existing service station network to provide greater customer reach and convenience. We are very excited with the potential of this new site given the plans to develop Punggol into a model estate for future HDB residential projects. Touted as the place to live, Punggol will boast a wide range of recreational facilities, lifestyle amenities and waterfront living infrastructure with a projected 96,000 dwelling units. Indeed, SPC’s new service station is nestled in the heart of Punggol to cater to the needs of a vibrant community.”

FINANCIAL IMPACT
The Group does not expect the above investment to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.

BACKGROUND
SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

For further information, please contact

Mr Teo Chang Ching
Senior Executive, Group Corporate Communications
Keppel Corporation Limited
Tel : 6413 6426
Email : changching.teo@kepcorp.com

Ms Joey Ho
Executive, Investor Relations & Communications
Singapore Petroleum Company Limited
Tel : 6477 1550
Email : joey.ho@spc.com.sg