Asia/Pacific News
Singapore Oil Company Outlines $3 billion Expansion Plans
Singapore oil trading and shipping company Hin Leong plans to spend up to $3 billion building oil terminals and distribution facilities in Asian markets including China, East Timor, Myanmar and Indonesia, Reuters reports.
Company Chairman O.K. Lim said most of the money - $2.7 billion - would go to storage and terminal assets in China and East Timor, while projects in the two Southeast Asian countries would add up to between $300 million and $400 million.
"East Timor, China, Indonesia and Myanmar - they all need oil for their development," Lim said.
"We are already a fuel supplier and we want to provide more services."
The company owns Universal Terminal in Singapore, which is one of the largest commercial oil storage complexes on the continent, as well as a fleet of more than 100 tankers.
Lim said the firm wants to enter the refining sector to ensure a supply of fuel and is also considering investments in liquefied natural gas (LNG).
LNG demand is on the rise in Southeast Asia, according to a report earlier this year by Wood Mackenzie, but the International Energy Agency (IEA) said many questions remain about use of the fuel in the region.
