PetroChina Company Limited announced on Sunday that it had completed purchase of 45.51% shares of refiner Singapore Petroleum Co (SPC) and would make a buyout offer for the rest of its shares in cash.

PetroChina would offer S$6.25 per share in cash. The deal would cost S$1.47 billion ($1.02 billion) in total, according to the statement.

China's biggest oil and gas producer said earlier on May 24 that it entered into a conditional agreement through its Singapore subsidiary to acquire 45.51% of the total issued share capital of Singapore Petroleum. The total issued share amounted to S$1.47 billion ($1.01 billion).

According to China Daily, the agreement was signed between PetroChina's indirectly wholly owned subsidiary, PetroChina International (Singapore) Pte Ltd, and Keppel Oil and Gas Services Pte Ltd, a wholly owned subsidiary of Singapore-based Keppel Corporation Limited.

China