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SINGAPORE Petroleum, the only oil refiner traded on the city's exchange, paid its chief executive officer and senior vice-president 10 to 20 per cent more last year after the company made a record profit, Bloomberg reported on Wednesday.
Chief Executive Officer Koh Ban Heng was paid between S$2.5 million and S$2.75 million, with 30 per cent of it in bonuses, according to the company's latest annual report. In 2006, Mr Koh earned S$2.25 million to S$2.5 million.
Singapore Petroleum didn't disclose exact figures in the report, said Bloomberg.
Oil-product prices rose faster than gains in crude oil costs, boosting profit for Asian refiners including Singapore Petroleum.
The refiner chalked up record revenues because of soaring prices, Chairman Choo Chiau Beng said on Jan 30.
Jee-Theng Tony Tan, senior vice-president for exploration and production, got S$1.25 million to S$1.5 million in 2007, compared with S$1 million to S$1.25 million a year earlier, according to the report.
Net income climbed 79 per cent to S$508.4 million in 2007, or 98.73 Singapore cents a share, from S$284.6 million, or 55.23 Singapore cents, a year earlier, the refiner said on Jan 30. Sales rose 2.2 per cent to S$8.8 billion.
Singapore Petroleum's stock dropped 7.8 per cent this year, less than the 13.3 per cent decline in the benchmark Straits Times Index, as crude in New York rose to an all-time high of $111.80 on March 17.
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