Asia/Pacific News
Chemoil Completes Singapore Storage Sale
Chemoil Energy Limited [AV5.SI] (Chemoil) says it has completed the sale of its storage facility on Jurong Island in Singapore.
The company announced in October 2012 that it would sell the facility to Oiltanking GmbH (Oiltanking) of Germany for $285 million to adopt an "asset-light" bunkering business model that will let it respond more quickly to changes in volumes and margins.
The company said it has now sold 100 percent of all shares of its subsidiary Chemoil Storage Limited, the owner of Helios Terminal Corporation Pte. Ltd., which owns the terminal facilities on Jurong island.
Chemoil still plans to operate its bunker business form the 270,000 cubic meter capacity Helios terminal after the sale is completed, people involved with the facility have said.
