Asia/Pacific News
Sinopec May Buy Hin Leong's Stake in Singapore's Universal Terminal
Thursday April 23, 2020
Chinese state energy company Sinopec may buy Hin Leong's stake in an oil storage terminal in Singapore as the oil trading company seeks to raise funds to placate its creditors, according to news agency Reuters.
The Chinese company is in early-stage talks with Hin Leong over its stake in the Universal Terminal, Reuters reported Wednesday, citing three sources with knowledge of the matter.
Hin Leong owns 41% of the terminal, with the rest held by PetroChina and Australian investment bank Macquarie.
The terminal, located on Jurong Island, has 2.33 million cubic metres of storage and 15 jetties, including two for VLCCs, as well as nine bunker barge berths.
