Siamgas and Petrochemicals Plc (SGP) said on Wednesday it would buy a 99 percent stake in Chevron Ocean Ga¬s & Energy Ltd through its subsidiary, Siamgas HK Ltd, from Chevron China Ltd.

The energy firm said an acquisition of Chevron Ocean Ga¬s, which operates liquefied petroleum gas (LPG) berths, would help boost its net profit and sale in 2010.

“We hope to see sale and net earnings rise about 10 percent next year following the acquisition” said Deputy Managing Director Jintana Kingkaew.

He said the acquisition would be financed by working capital.

Siamgas has been looking to expand oversea to find stronger foothold in China and the Southeast Asia region.

The company said it recently signed a deal to acquire a PLG distributor in Vietnam.

Siamgas ‘ earnings are more than double in 2009 comparing a year earlier, helped by strong PLG demand from the households and manufacturers.

Its customers are ranging from car maker Honda Motor to shopping mall operator Central Pattana.