Singapore - Singapore Petroleum Company Limited and Eni International B V, equal joint venture partners in ItalSing Petroleum Company Pte Ltd, Wednesday sold a combined 55 per cent stake in ItalSing to Nippon Oil (Asia) Pte Ltd of Japan.

SPC and ENI will each continue to hold 22.5 per cent in ItalSing Petroleum, SPC said in a statement.

Nippon will continue to use the ItalSing facilities to manufacture and blend lube oils for the local and overseas markets.

"With Nippon Oil's global lubricant networks and markets, ENI and SPC look forward to working with Nippon Oil to create and enhance the value of our joint investment in ItalSing," SPC chief executive officer Koh Ban Heng said.

The company will be renamed ENEOS ItalSing Pte Ltd following the change in shareholdings. (dpa)