Energy giants Vitol, Sinopec eye Hin Leong's oil storage terminal
Universal Terminal in Jurong is owned by Lim family behind Hin Leong; other shareholders PetroChina, Macquarie fund have first right of refusal
Singapore
AS Singapore's Hin Leong grapples with a debt fallout of nearly US$4 billion and a police probe into the company, its oil storage terminal on Jurong Island that is the size of 60 standard football fields is fast becoming a coveted asset.
The latest to be drawn to Universal Terminal (UT) is energy and commodities giant Vitol Group, according to sources. Industry watchers say part of the attraction of UT may be related to Vitol's part-owned global storage terminal owner and operator VVTI.
Vitol joins several other industry titans in the early stages of exploring a UT stake purchase. The parties reportedly include China's state-run Sinopec - the world's largest refiner by capacity…
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla cuts US prices by US$2,000 as sales slow, inventories swell
Volkswagen workers vote decisively to unionise in Tennessee
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try