The purchase is the latest in billions of dollars of overseas energy and resource-related acquisitions by cash-rich Chinese companies taking advantage of relatively low prices to expand their overseas assets.
PetroChina is paying S$6.26, through its Singapore subsidiary, for each Singapore Petroleum share, the company said in a statement late on Sunday to the Hong Kong Stock Exchange.
The price represents a 24 percent premium to Singapore Petroleum's latest traded share price, it said.
Singapore Petroleum's main asset is a refining facility, though it also has regional trading and exploration activities.
PetroChina said it intends for the company to become a platform for its 'international strategy and to provide a broader foundation and stable path for development.' It said it did not currently intent to make any major changes to the Singapore company's business.
PetroChina purchased the shares from Singapore's Keppel Corp., the world's largest builder of offshore oil rigs. -- AP
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