Caltex has agreed to acquire half of BP's one-third stake in Singapore Refining Co Pte Ltd and BP's one-sixth equity interest in Tanker Mooring Services Company Pte Ltd, it said in a statement. SPC, a unit of Keppel Corp (KPLM.SI: Quote, Profile, Research) , already owns 40 percent of Singapore Refining. Caltex, a unit of U.S. major oil company ChevronTexaco Corp (CVX.N: Quote, Profile, Research) owns the rest. BP has been seeking to sell the assets as part of the group's plans to dispose off non-strategic assets. Singapore Refining operates a refinery on Jurong Island, off western Singapore, with a nameplate capacity of 285,000 barrels per day. Last month SPC said it would buy the BP refining assets in Singapore for $140 million, but did not say Caltex would join the purchase. SPC said on Tuesday SPC and Caltex would each pay US$70 million for their respective 50 percent share in the refining assets from BP. "We welcome this decision by Caltex which we see as a strong vote of confidence in the growth and prospects in the region," SPC Chairman Choo Chiau Beng said in the statement. SPC shares were unchanged at S$2.93 at midday on Tuesday ahead of the statement. SPC and Caltex will also jointly acquire BP's crude and product inventories at the refinery at market prices on completion of the acquisition scheduled for the end of June, it said. Based on the current crude and product prices, SPC would need to pay US$38 million to US$55 million for 50 percent of the inventories, the statement said. PIN//Reuters