China Extends Influence

China is entering the Singapore energy market by purchasing an oil refiner there.Petro China,its biggest oil firm,is to buy 45.5% of the Keppel Corporation's refiner,Singapore Petroleum.Petro China will pay one billion dollars for the stake,which will in turn trigger an offer for the remaining shares.Singapore is the largest oil trading hub in Asia,with 12% of the world's daily output transiting the Strait of Malacca,which is off the Singapore coast.By owning Singapore Petroleum,China may be able to sway the price of oil.China has been expanding its energy holdings at a vigorous pace for some years now.