SPC 40th Annivesary Book 2

ROARing Forward Singapore Petroleum Company LIMITED 40 years on...

Looking Back...

ROARing Forward SPC entered the current millennium with a new vision to become a strong, integrated oil and gas company with a premium brand in the Asia-Pacific region.  This part of the book, ROARing Forward, chronicles the success of SPC’s transformation and its sustainability efforts that will bring it to new heights.

MESSAGE by SPC CEO Mr KOH BAN HENG In our first 30 years, we went through tremendous events, attained numerous achievements, and crossed significant milestones. These efforts have positioned SPC solidly as a dynamic player in the local and regional oil and petrochemical industry. We are privileged to have contributed to Singapore’s ambition to transform Jurong Island into a world-class chemical and petrochemical hub.

At the turn of the 21st century, SPC powered ahead with new vigour and a new vision: To be a strong, integrated oil and gas company with a premium brand in the Asia-Pacific region. In 2000, SPC expanded into oil and gas exploration and production to ensure sustainable growth even as we strengthened our downstream capabilities.

On 22 June 2009, SPC joined PetroChina, one of the largest oil and gas companies in the world. Even as we embark on a new exciting chapter of our corporate journey on the occasion of SPC’s 40th anniversary, I must commend all SPC and SRC staff for these achievements and successes, none of which would have been possible without their hard work and dedication. Our industry has always been volatile; indeed, we will likely witness even more volatility in the years to come. We have been fortunate to have bright, capable and committed people, working as a cohesive team to overcome difficulties together.

Your commitment and dedication to SPC is what helps this company succeed, year after year. As CEO, I feel privileged to be working with people who believe in the Company’s vision and who have worked so tirelessly to make our vision a reality. I am also most grateful to our Board members for their invaluable support, guidance and counsel.

Koh Ban Heng SPC CEO

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“It has been forty years, not such a long time as corporate lifespans go.

We have a bright future ahead, and still much that can be achieved. Indeed, the SPC today has come of age and is ready to soar to new heights. With our multinational talent pool and the strong foundations that have been laid down by our pioneers, let us together roar forward and realise our shared vision for success.”

Scintillating:: Shining Through: 1999–2009

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SCINTILLATING::

shining through: 1999-2009

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In 2000, SPC embarked on its transformation into an integrated oil and gas company to fuel future growth.

With this corporate vision, the Group has been shining through with commendable results.

To achieve diversified earning streams, the SPC Group ventured into the upstream segment of exploration and production of crude oil and natural gas. This endeavour expanded SPC’s presence from Singapore to Cambodia, China, Indonesia, Vietnam and Australia. Concurrently, SRC continued to upgrade and refine its facilities to achieve improved energy efficiency and higher environmental standards in order to meet new challenges. Recognising that it should do business responsibly for sustainability, SPC embraces its role as a responsible corporate citizen through upholding sound governance, maintaining robust risk management processes and caring for the well-being of its people, community and the environment.

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NEW MILLENNIUM, NEW DIRECTIONS

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In 1999, Keppel Corporation Limited (Keppel) became SPC’s major shareholder.

With its strategic views and immense knowledge of the offshore oil industry, Keppel was determined to realise SPC’s potential to become an integrated regional oil and gas company with a premium brand. The strategic entry into the upstream business of Exploration and Production (E&P) would ensure a steady and sustainable growth trajectory for SPC and provide a hedge against its exposure in the downstream refining business.

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Leaping Ahead with a New Look The year 2000 was defined by many frontier-charting moments.

SPC’s new logo was unveiled in 2000. It embodies what SPC stands for and its aspiration to be a strong, integrated oil and gas company with a premium brand in the Asia-Pacific region. The new logo also reflects SPC’s vibrant spirit, one that is capable of rejuvenating and reinventing itself in changing times, without losing sight of its overarching vision.

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 Unveiling the new SPC logo.

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Singapore Icon, Strong Regional Brand The central element of the majestic leaping lion evokes a sense of national pride while capturing the essence of a progressive company. The vibrant red symbolises SPC’s passion for excellence and its daring spirit.

The four turquoise lines of the logo represent SPC’s four core businesses – upstream, midstream, downstream and gas to power, while their fluidity signifies SPC’s flexibility, swift adaptation to change and its advance in the oil and gas business.

 Dynamism, Responsiveness, Empowerment, Progressiveness and

Innovation are encapsulated in the new logo, promising robust market presence and growth.

The modern typeface reflects SPC’s dynamism. Its slight tilt creates a sense of motion that complements the leaping lion and further emphasises the driving force in advancing SPC’s business and position. The turquoise shared by the typeface and fluid lines represents the Company’s commitment to sound environmental practices and good corporate citizenship.

 The Straits Times, 11 November 2005.

 Various applications of the new SPC logo.

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 SPC’s upstream assets as at 30 June 2009.

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Exploring Global Opportunities Since 2000, SPC has made great strides in enlarging its E&P footprint across the Asia-Pacific region and fortifying its position as a regional integrated oil and gas company. To date it has acquired 10 upstream assets across five countries. SPC is set to strengthen its E&P foothold and realise the potentials of its assets.

 SPC’s first upstream asset was the Kakap

Production Sharing Contract in Indonesia.

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ď ° Getting onboard the KH (Kilo-Hotel) platform on a personnel basket. Personnel baskets are lifting containers that transfer people from crew boats and

supply boats to offshore platforms.

An E&P Force to be Reckoned With With its growth strategies clearly set out, SPC proceeded to make upstream acquisitions across the Asia-Pacific region.

Indonesia Resource-abundant Indonesia was crucial to SPC’s upstream portfolio.

In 2000, SPC made its first acquisition, a 15% stake in the Kakap Production Sharing Contract (PSC) in the West Natuna Sea, offshore Indonesia. This gave SPC a foothold in the oil and gas exploration and production business.

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As part of a joint venture with Petronas, ConocoPhilips and Talisman Energy Inc, SPC secured a stake in PT Transportasi Gas Indonesia in 2002.

PT Transportasi Gas Indonesia owns the 654-km West Natuna Transportation System, and the 468-km Grissik-Batam-Singapore pipeline which was commissioned in 2003.

ď ° Grissik-Batam-Singapore pipeline.

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SPC clinched another E&P investment in offshore East Java in 2004. SPC secured a 40% working interest in the Sampang PSC. In 2007, its Oyong field produced first oil.

In 2008, SPC acquired another asset in Indonesia, the Mahakam Hilir PSC, located in the Kutai Basin in East Kalimantan. The Mahakam Hilir PSC marks SPC’s first 100% operatorship in Indonesia.

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“My search for the meaning of ‘Upstream’ started nine years ago and on my first day of work, SPC completed the acquisition of its first upstream asset. It was a truly unforgettable day, not because it was my first day on the job or that a successful transaction had been closed. The day was memorable because it marked the beginning of the Company’s new chapter into the upstream business. The remarkable ship SPC had begun its upstream journey. We have overcome challenges and made delightful discoveries on this journey since then. The currents may be rough at times but it has been my honour and privilege to continue with the search, for I believe it takes the strong to row upstream. Congratulations and Happy 40th Anniversary to SPC!” Sharon Pang Manager, Legal – E&P & Special Projects

 First oil was produced from the Oyong field in September 2007.

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Vietnam SPC continued to expand its E&P reach in the region with the acquisition of a 20% participating interest in Blocks 102 and 106 in the Gulf of Tonkin, offshore Vietnam.

In 2006, SPC acquired a 45% working interest in Block 101-100/04 in Song Hong Basin, offshore Vietnam.

ď ° The Straits Times, 26 October 2004.

ď ° The Business Times, 26 October 2004.

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Cambodia SPC holds a 33.33% interest in Block B. The block is located 250 km offshore Cambodia, east of the Khmer Basin, where a number of oil and gas discoveries were previously made. It covers an area of approximately 6,560 km2.

 The Pacific Explorer conducted seismic survey in the Bass Basin, 200 km away from Melbourne, Australia.

Australia SPC’s E&P coverage in Asia stretches to Australia.

In 2007, SPC acquired a 35% participating interest in Block T/47P in the Bass Basin.

 The Business Times, 7 August 2007.

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 At Bohai Bay, oil is gathered by six platforms and processed by a Floating Production, Storage and Offloading vessel.

China More strategic investments were also made in China which put SPC in good stead to enhance its competitive position in the upstream sector.

SPC’s largest producing assets to date are Blocks 04/36 and 05/36 in Bohai Bay. SPC holds 8.91% and 7.82% working interests in these two assets, respectively.

 The Business Times,

7 August 2007.

In 2007, SPC entered into a PSC with China National Offshore Oil Corporation (CNOOC) for Block 26/18 in the Pearl River Mouth Basin, where SPC has a 100% operating interest. This is SPC’s first operatorship.  The Business Times,

1 October 2007.

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 Signing ceremony of Petroleum Contract for Block 26/18 in the Pearl River Mouth Basin.

On 22 September 2008, SPC E&P (China) Pte. Ltd. was officially opened in Shekou, Shenzhen, to operate and manage SPC’s upstream assets in China.

A ribbon-cutting ceremony was held at the new office at Times Plaza with representatives from SPC and CNOOC officiating the event.

 The opening of Shekou branch office.

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Enlarging Our Footprint with E&P Expertise SPC’s E&P team comprises experienced geologists, geophysicists, exploration managers, reservoir engineers and commercial analysts. From a small team of three people, the E&P department has expanded to more than 20 specialists working in Singapore and branch offices in China and Indonesia.

“SPC’s E&P may be a young department but it has created phenomenal growth in its nine years of history. This growth is due largely to the Company’s strategic developments in E&P. Right from the start, SPC has been very determined and ambitious in acquiring acreages and exploring for oil.”

Hendry Manur Manager, Exploration (Assets)

 Members of the E&P team in a discussion.

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Augmenting Our Refining Capability In 2004, SPC acquired half of British Petroleum’s (BP) share of the refining capacity in SRC. Chevron (now known as Chevron Global Energy Inc., a subsidiary of Chevron Corporation), the other shareholder of SRC, bought the other half. SRC is now jointly owned by SPC and Chevron. The US$70 million purchase increased SPC’s refining capacity from 95,000bpd to today’s 145,000bpd.

“It has been an invigorating experience to be part of a refinery whose capacity has grown from 70,000 bpd to today’s 290,000 bpd. The spirit of ‘One Family, One Company, One SPC/SRC’ has been the passion for my work for more than 32 years.”

Lucy Ng Executive Secretary, SRC

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 Today, SRC includes a more sophisticated Residue Catalytic Cracker to deliver further value.

SPC continued to invest and upgrade its refining facility for further growth. In 2006, SRC carried out a major revamp of the Residue Catalytic Cracker (RCC) to increase the RCC throughput and volume of highvalue products.

 The Straits Times, 2 March 2004.

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Diverse Offerings, One Exceptional Choice Retail In 2001, SPC’s service stations were revamped with a new look and more value offerings and quality services.

In June 2005, SPC launched the SPC&U card programme to provide instant recognition and rewards to regular customers, another value offering to the motoring public in Singapore.

 Inauguration of Bukit Merah Service Station in 2005.

 The revamped SPC service stations boast of a more vibrant and innovative environment to better serve customers.

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 Guided by Your Friendly Neighbourhood Service Station motto,

SPC service stations offer services and products at great value and

convenience, always with the customer in mind.

 Fast and efficient car maintenance and car wash services at SPC’s

Manual Wash and Speedy Care outlets.

“I felt a great sense of achievement when the SPC service station network expanded from 10 to 38 sites in October 2004 after months of hard work. Seeing the SPC flag fly at 38 stations…

I was speechless!”

Erica Lee Manager, Head Commercial Sales

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 (Left) SPC CEO Mr Koh Ban Heng and SPC Chairman Mr Choo Chiau Beng at the opening ceremony of

Hougang Service Station in 2004.

In October 2004, SPC boosted its retail business by acquiring BP’s 28 service stations, making it the third-largest retailer in Singapore with a network of 38 service stations.

In 2008, SPC became the first retailer in Singapore to launch drive-through ATMs and promote out-of-home digital advertising at its service stations.

SPC was also the first on mainland Singapore to provide Compressed Natural Gas (CNG). SPC continued to innovate with the launch of Singapore’s first drive-through takeaway food outlet at a service station in 2008.

 The Business Times, 7 June 2005.

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 SPC also markets, trades and exports LPG in the Asia-Pacific region.

Liquefied Petroleum Gas In 2004, SPC bought BP’s interest in the Liquefied Petroleum Gas (LPG) business. Today, SPC retails LPG in Singapore through its joint venture company, SPC Wearnes Pte Ltd.

 The Business Times, 7 July 2004.

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Marketing The marketing of SPC products also received a boost in China and Indonesia.

SPC incorporated a wholly-owned subsidiary, Singapore Petroleum (Guangdong) Private Limited (SP Guangdong), in Guangzhou, to distribute and market SPC-branded lubricants in China.

In 2007, SPC formed a joint venture with PT Solar Premium Central to market SPC’s fuels in Indonesia.

 SP Guangdong has been successful in establishing a distribution

network across more than 15 provinces since its inception.

“The establishment of SP Guangdong provided opportunities for the SPC Group to venture beyond its shores and even Asia-Pacific.”

Victor Yong General Manager, Lubricant Sales, SP Guangdong (China)

 SPC’s wide range of lubricants are marketed globally, including countries

such as Taiwan, China, Japan, Indo-China, Australia and the ASEAN

countries.

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 Kicking off the inauguration ceremony of Singapore Petroleum (Guangdong) Private Limited with the “dotting” of the lions’ eyes.

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Relentless Efforts, Record Achievements In April 2004, SPC launched a US$184.4 million convertible bond issue with a coupon rate of 1.75%.

The bond issue, a first for SPC, was accomplished at a 47% premium to its stock price. This enlarged capital funding boosted SPC’s upstream and downstream investments.

2007 was a year of record financial achievements for SPC, despite it being one of the most volatile years in the oil industry. A Profit After Tax and Minority Interests of $514.7 million on a revenue of $8.8 billion was achieved. A record dividend of 60 cents per share was paid out for the year.

ď ľ

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The bond issue proved popular among sophisticated investors and was one of the largest issues in the Singapore market in 2004.

Looking Back... ROARing Forward

 (Right) Mr Choo Chiau Beng, SPC Chairman, and (left) Mr Koh Ban Heng, SPC CEO,

addressing shareholders at the 39th Annual General Meeting in 2008.

US$184.4 million convertible bond issue Coupon rate of

1.75%

 EuroWeek, Issue 847, 2 April 2004.

A Profit After Tax and Minority Interests of

$514.7 million on a revenue of

$8.8in billion 2007.

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Spurring Growth on Sound Fundamentals The Company’s strong fundamentals give it the strength to reap opportunities as well as the resilience to master challenges. SPC shareholders always have something to cheer about.

 The 40th Annual General Meeting in 2009 gave shareholders

the platform to participate in the Company’s future.

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Records for Posterity Every one of our annual reports is a chronicle of our journey of growth and transformation.

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ROARing Towards Growth ROAR, SPC’s quarterly newsletter, received a design makeover to mark its first anniversary. Its fresh, dynamic look exemplifies SPC’s aptitude for continuous change and innovation.

The new masthead, complementing the SPC corporate identity, features a vibrant red that symbolises the Company’s passion for excellence while evoking a sense of national pride. Its slightly tilted typography echoes the leaping lion in SPC’s identity and signifies a progressive company and its ability to adapt to change swiftly. The turquoise masthead reflects SPC’s commitment to sustainability through responsible environmental practices and good corporate citizenship.

 Series of SPC News and old ROAR.

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 The new ROAR.

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Building a Sustainable Enterprise SPC believes that a sound corporate responsibility policy enhances business sustainability. This is why the Group’s decisions and operations aim to contribute positively to the long-term well-being of the business and the community it operates in.

The Company’s business sustainability efforts focus on corporate governance, enterprise risk management, environment, health, safety and security (EHSS), community engagement and human resource practices.

Whether it is producing cleaner diesel, ensuring operations safety, communicating with investors, reaching out to the community or promoting staff volunteerism, SPC strives to do its best to fulfil its corporate responsibility.

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Working Together, Safely and Reliably SPC continuously reviews and improves its Environment, Health, Safety and Security (EHSS) system to manage its operational risks. The Company incorporates industry best practices and standards in its day-to-day processes while inculcating EHSS awareness and proactiveness among employees and contractors.

 Safety is a top priority for SPC and SRC.

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In Glowing Recognition...

SPC’s solid fundamentals in accountability and transparency enable the Group to do business responsibly, deliver better performance and create value for stakeholders. In 2008, SPC received the ‘Merit Award for Corporate Governance (Main Board Category)’ at the Singapore Corporate Governance Award for the sixth consecutive year. Awarded by the Securities Investors Association of Singapore (SIAS), this award attested to the Company’s sound corporate governance. In the same year, its investor communication efforts were recognised with the ‘Most Progress in Investor Relations – Small or Mid-Cap’ award in Southeast Asia from IR Magazine.  SPC’s consecutive wins at the Singapore Corporate Governance Award

is testimony to its sound corporate governance.

“It was gratifying to have assisted the Board grow our corporate governance platform. The Board and Management were exemplary in their readiness to review and embed the Corporate Governance Code in the various corporate structures within the SPC Group. Corporate governance has never been mere compliance for us. Time and resources have been invested to ensure that SPC adopts and practises good corporate governance. I’m proud to be part of a company that has been recognised by the investment community with the SIAS Corporate Governance Award for six consecutive years.”

Helen Chong Senior Vice-President/Company Secretary, Legal, Secretariat & Insurance

 SPC received the ‘Most Progress in Investor Relations - Small or

Mid-Cap’ award in Southeast Asia, a testimony to its investor relations

efforts.

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And In Praise of SPC In 2009, SPC was recognised to have one of Singapore’s best managed boards at the Singapore Corporate Awards.

 Best Managed Board 2008 (Bronze).

 (Left) SPC Director Mr Bertie Cheng received the award from Mr K Shanmugam, Minister for Law

and Second Minister for Home Affairs. (Right) SPC’s success at the Singapore Corporate Awards

was definitely something to beam about.

“SPC is like my second home. It has given me an exciting and dynamic career in oil trading and has enabled me to discover my passion for oil trading. Not everyone gets to enjoy the job he has been given, and I look forward to every working day. I enjoy the opportunity to participate in and improve SPC’s business bottomline as well as the camaraderie with colleagues, friends and business partners.”

Foo Jang See Senior Vice-President, Crude & Products Trading

 SPC received the gold award for ‘Energy Company of the Year’ for the second consecutive

year in 2008. The award was introduced to honour companies in the Asia-Pacific region

which have contributed significantly to the development of the energy business.

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ď ° SPC has garnered much recognition for its business sustainability accomplishments.

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Setting the Stage for the Arts SPC has been a keen supporter of the arts over the years, sponsoring arts programmes in cash or kind to enliven the Singapore arts scene for the community’s benefit. Programmes sponsored by SPC include Singapore Dance Theatre’s Ballet Under the Stars and Singapore Symphony Orchestra’s concerts.

 SPC received the ‘Friend of the Arts’ award from Dr Lee Boon Yang (right), then Minister for Information, Communications and the Arts at the 2008

Patron of the Arts Award Ceremony.

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Caring For Tomorrow, Today In 2005, as part of their contribution to environmental protection, SPC and SRC introduced Ultra-Low Sulphur Diesel (ULSD) under the Clean Fuels Project, which would help reduce the negative impact on air quality.

SRC also embarked on a project to produce diesel to meet Euro-IV clean fuel specifications.

SPC organises activities regularly to raise awareness of environment sustainability.



SPC supported the Saving Gaia campaign, organised by MediaCorp, in 2007 and 2008. One of the activities was Save the Earth recycling drive, a collaboration with Capital 95.8FM radio station. Listeners were encouraged to drop off recyclable items at designated SPC service stations.

 The Business Times, 10–11 February 2007.

 To mark SPC’s 35th anniversary and its commitment to protect the

environment, SPC staff planted 35 trees at the Bukit Timah Nature

Reserve on Green Day 2005.

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 Activities such as Green Day at the HortPark in 2008 aim to raise appreciation and awareness for nature and the environment among staff.

“I am very proud to have worked in SPC for the past 38 years. SPC is also where I met my husband. I am truly glad to have been here through the good times, the bad times, and most of all, the happy times spent with my wonderful colleagues, with whom I have become very good friends. Thank you, SPC. Many happy returns on your 40th Anniversary.”

Patsy Wong Senior Executive Secretary

 Staff put their green fingers to work at the Terrarium Workshop, where

they learnt how to make bottled gardens.

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Lending a Helping Hand Employee volunteerism is active at SPC. Through various community outreach and fundraising programmes, SPC encourages its staff to reach out to the less privileged in the community.

“My strong impression of SPC is of the people and their strengths. Their varied perspectives, cohesiveness, focused minds and determination have been the pillars of SPC’s success story.”

Gan Tiong Aik Chief Risk Officer

“I’d like to say to my colleagues: Go experience the joy of giving.

The more you give, the more you get.”

Jimi Lim customer service manager, Retail sales & Development

 Staff enjoying a bowling outing with members from the Down Syndrome

Association in 2006.

 SPC has been providing the intellectually disabled gainful employment

since 2004.

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

SPC Customer Service Manager Jimi Lim shaved his head for Hair for Hope 2008, an awareness campaign by the Children’s Cancer Foundation. Jimi is also a recipient of the SPC Recognition Award For Voluntary Work/Charity.

 Every year, SPC shares festive joy with senior citizens from various old folks’ homes in Singapore.  SPC CEO Mr Koh Ban Heng spreading cheer to the elderly at the 2008 Lunar New Year Lunch.

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Because Our People Matter Most SPC believes that a company that plays together, stays together. The Company organises many social and wellness activities for staff so they can stay active and healthy. Staff get to know one another better along the way and cultivate a sense of belonging. ď ą Having a jolly good time at the SPC Dinner and Dance 2008.

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 Staff got up, got out and got on their feet for ACTIVE Day 2000.

 “He ain’t heavy, he’s my SPC brother!” – team building in action.

“As a member of the Recreational Committee, I help bring together SPC staff members as one big family through activities like social outings.”

Kiran Chauhan Applications Engineer, Information Technology

 Family Day events are always something to look forward to in the

SPC staff calendar.

 Spreading luck and prosperity at Chinese New Year Lunch 2007 for staff .  Dancing away at Christmas Party 2006.

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Our Leading Edge SPC is led by a knowledgeable and experienced Senior Management team. Their wellhoned expertise collectively led SPC to greater heights.

ď ° (From left) Helen Chong, Gan Tiong Aik, Doris Tan, Lee Chiang Huat, Koh Ban Heng,

Foo Jang See, Vincent Tay and Woo Siew Cheng.

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Together We Celebrate On the happy occasion of our 40th anniversary, we celebrate with the people of SPC. Abdul Rahman Bin Bujang Abdul Rahman Bin Ibrahim Abdul Rahman Bin Syed Abdullah Bahajjaj Abu Bakar Bin Marzuki Ade Dewijanti Amber Chandra Andarina Kusumawardani Sumarno Ang Bee Lee Ang Boon Yen Ang Elaine Ary Permana Atthaporn Tippayasak Braithwaite, Robert Anthony John Chan Chee Keong, Norman Chan Jin Kiat Chan Mun Choy, Aileen Chan Yuet Yee Chen Chee Yoong, Desmond Chen Lan Chen Qiaochang, Patty Chen Soh Lern, Celine Cheng Shing Wai, Edward Chew Lay Lay Chew Nam Kung Chia Foong Lan, Helen Chiam Da Kai, Eugene Chiang Hoy Tat, Jimmy Chiang May Sin, Shirley Chin Yoong Fah Chong Yew Tuck Choo Kok Keong, Kenneth Choo May Chun, Molly Chow Wai Keat, Charles Chua Bee Neo, Jenny Chua Chee Haw Chua E Hong, Sean Chua Li Ching, Evonne Chua Sing Leng Chua Yeow Seng Daing Alwee Bin Daing A Latiff Ding Xin Li, Elizza Eramsyah Ilham Foo Jang See Foo Seck Him, Melvin Gan Dong Lee

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Gan Sze Peng, Serene Gan Tiong Aik Gan Wan Dong Goh Hock Siang, Mach Goh Kie Tuan Goh Pei Ling, Noelle Goh Soon Kee Goh Te Guan, Alex Ha Yew Meng, Jose He Shumin, Elfin Heinrich Robert Siregar Hendra Benny Siagian Hendry Manur Ho Chin Lim, Benjamin Ho Hui Xian, Valerie Ho Joey Ho Li Choo, Sharon Ho Sze Wey Ho Wah Fong, Alex Hu Quan Johanna Lim Abdullah Kang Ann Ann, Michael Khalled Bin Jalil Khoo Joo Noi Khoo May Geok, Evelyn Khor Peng Chuan, Danny Kiran Pradip Chauhan Ko Chun Heung, Winnie Koh Ban Heng Koh Pei Ching, Esther Koh See Tat, Douglas Koh Yeng Dee, Doris Kwan Chek Ming Lai Sook Li, Jessica Lai Tze Siung Lau Eng Seng, Leon Lau Kean Peng, Gerald Lau See Yeow Lee Cheen Tark Lee Chiang Huat Lee Gim Hua Lee Hui Joon, Esther Lee Hwee Yee, Erica Lee Kah Loon, Kelvin Lee Keng Swee, Gerard

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Lee Lisa Lee Peng Weng, Joseph Lee Ser Lee Siew Hong, Florence Lee Siew Kuan, Jennifer Lee Thiam Hua Leong Cheng Ting, Linda Leong Woon Chun Li Dong Li Ling Liang Zhiying, Katty Liauw Sui Fung Lieon Ah Guat, Angelin Lim Ah Moy, Nelly Lim Boon Eng, Jasmine Lim Choon Lam, Garett Lim Heng Yew Lim Hock Huat Lim Jin Jin, Jenny Lim Kar Eng Lim Koon Pin Lim Lay Choo, Rina Lim Ngak Khoon, Brian Lim Pei Szu, Inez Lim Poh Choo, Joyce Lim Poh Sui, Jimi Lim Seok Gek, Jean Lim Si Ting Lim Swee Yong Lim Tai Yee Lim Yan Joon Lin Hailong Ling Chai Ngit, Pauline Lo Wai Fun, Joyce Loh Chin Yin, Alice Loh Sow Lai Loh Yin Ting, Gina Loke Ching Thin, Leslie Long Tuck Fatt Low Chuan Meng, Gary Lubna Bte Abdul Ghani Lv Fengling, Katherine Ma Yoke Wah Mak Poh Chun Mak Shee Kwai, Ben

Together We Celebrate

Mak Yue Chong Moe Zaw Aung Mohamed Safiee Bin Mokri Mohammed Fahmy Hashim Mohd Abdul Rashid Bin Mahadi Mohd Darus Bin Abdul Rahim Mok Swee Kam, Steve Nah Wenbin Neo Lay Ngor, Jaey Neo Li Theng, Esther Ng Chye Meng, Herman Ng Ee Ee, Evy Ng Heok Sheng Ng Hwee Cheng, Marcus Ng Kheng Hock, Roland Ng Siew Tiang, Annie Ng Yee San, Jess Ng Yong Min, William Nita Bte Badron Noor Azizah Bte Ahmad Nooraiza Bte Abdul Rahman Noorliza Bte Ismail Oh Mun Yee Ong Kah Yong Ong Kiat Ong Sock Wah, Angie Ong Su See, Jovian Pan Weifeng, Tony Pan Xiong Pang Min Sin, Sharon Peh Pauline Peng Wei Phau Soek Yee Phua Eng Neo, Caroline Poh Boon Leng, Edmund Quek Jin Xian Quek Lam Seng Quek Li-Tze, Elizabeth Quek Meng Huat, Ken Quok Jong Shian, Jimmy Rani Bin Jasuni Rao Lunan, Lawrence Ridwan Widijanto Seah Yian Siah Pei Ling, Karen

Siak Tuck Seng, Kevin Sim Boon Hui, Derrick Sim Kim Kwok, Mandy Sim Kwang Han, Andy Soekoesen Soemarinda Soh Kim Cheong Soh Mei Yan Soo Fook Sang, Eric Soon Boon Hoe Soon Wei Lin, Magdelene Subramaniam A/L W Arasan Suresh Pitty Sivanandam Syafri Syafar Tam Kok Man Tan Ee Peng Tan Heng Jeong Tan Ho Kheong Tan Juay Choon Tan Lay Kien, Jennifer Tan Leong Hoon, Simon Tan Li Kiang, Deon Tan Ling Ling Tan Peng Yam, Edwin Tan Ping Ping, Kristine Tan Poh Choo Tan Poh Lay Tan Siew Hong, Callie Tan Siew Hong, Patsy Tan Sin Khim Tan Soon Heng, Ivan Tan Teck Kwang Tan Teik Jin, Edwin Tan Wee Han, Gerald Tan Well Sing, Wilson Tan Yang Chong, Allan Tang Fung Kwai, Etta Tang Hon Mun, Ryan Tay Anne Tay Choon Huah, Emily Tay Doris Tay Lee Kiang, Vincent Tay Siew Leng, Stephanie Teh Chee Hang Teo Cheng Chye, Donald Teo Keng Poon

Teo Thian Chye, Stanley Teoh Seang Fong Ter Poh Lin Thng Yan Qi, Dollyn Thong Swee Chin, Magdalene Tio Hua Eng, Sally Toh Bee Yen Toh Lye Ching, Doris Toh Say Min Toh Siew Luan, Trena Tu Junfeng Tung Yan Hong Umi Kurniyati Ung Tze Yang Wang Guoqiang, Edison Wang Pei Wee Liang Wah Wong Mei Ching, Tracy Wong See Meng Wong Yat Kong Woo Siew Cheng Wu Zhenqiang Yang Yi, Even Yang Yue Yao Peiliang Yap Rui Fang, Stephanie Yee Yon Wei, Daniel Raphael Yeo Jia Seng, Andy Yeo Lei Ling, Joanne Yeoh Simin, Felicia Yew Part Mui, Annie Yi Shuzhen, Susan Yin Shu Zhen Yip Pui Yeng, Jennifer Yong Kim San, Victor Yong Mei Wai Yong Wee En, Audrey Yu Chew Ling Yu Seng Lee Zhang Jianbin, Bend Zheng Jie

Scintillating:: Shining Through: 1999–2009

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ing FORWARD

Life truly and unequivocally begins at forty. At forty, SPC is poised once again for another transformation.

On 22 June 2009 even as we celebrate our 40th anniversary, PetroChina became a major shareholder of SPC. PetroChina, one of the largest oil and gas companies in the world, will set us on a course for new beginnings, new directions and more importantly, new friendships.

This is indeed a moment pregnant with possibilities and promises. Great adventures and even greater glories await us as we roar ever onwards on this most amazing ship, SPC. Let’s seize the opportunities to soar to even greater heights and boldly go where no Singaporean oil and gas company has gone before. A scintillating future awaits us.

Truly at forty with PetroChina, our boundaries will be boundless and our ROAR even more resounding.

Lee Chiang Huat Chief Editor, P.S. Producing this special anniversary edition of had been a task of devotion and passion.

As Chief Editor, I had the privilege to conduct a very dedicated, talented and marvellous crew. I hope the music has been pleasing and all credit goes to the crew and the many deckhands who helped with this enterprise. As conductor, I accept full responsibility for any lost lyrics or missed beats.

About PetroChina PetroChina is one of the largest oil and gas companies in the world. PetroChina is engaged in a broad range of oil and natural gas activities including the exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; production and marketing of primary petrochemical products, derivative chemical products and other chemical products; and transportation of natural gas, crude oil and refined products, and marketing of natural gas.

“SPC celebrates its 40th anniversary this year. I have no doubt that PetroChina’s investment in SPC will continue to grow and prosper the SPC Group over the next forty years and more. PetroChina’s investment augurs well for SPC, PetroChina and Singapore. Congratulations to PetroChina’s team for their foresight. To my ex-colleagues at SPC: 加油! 加油! (Keep it up!)”

NG CHENG CHEONG Retired Senior Vice-President, Special Projects

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Looking Back... ROARing Forward