Chinese oil giant PetroChina announced on June 22 that it had completed the acquisition of nearly half of refiner Singapore Petroleum Company (SPC) in a deal worth more than 1.4 billion USD.

PetroChina, the listed unit of the nation's biggest oil and gas producer, has bought 45.51 percent of SPC's issued share capital, the StraitsTimes daily cited PetroChina as saying in a statement filed with the Shanghai stock exchange.

PetroChina said last month it had agreed to buy the stake for 1.02 billion USD from Keppel Oil and Gas Services, part of Singapore-based conglomerate Keppel Corp.

It will make a mandatory cash offer for the rest of the Singaporean refiner next month, it added.

SPC, a regional energy company with interests in petroleum refining and marketing, owns a 50-percent stake in one of Singapore's three major petroleum refiners.

The deal is the latest high-profile overseas bid by China, which sits on 1.9 trillion USD in foreign exchange reserves, to fuel its economy, now the world's third-largest./.