Sembcorp Drops Storage Contract With Hin Leong

by Ship & Bunker News Team
Thursday April 23, 2020

Sembcorp Cogen, a subsidiary of Singapore-listed Sembcorp Industries, has cancelled its gasoil supply and storage agreement with oil trading house Hin Leong, the company said in a statement to the Singapore stock exchange yesterday.

The value of gasoil reserves stored with Hin Leong stood at S$94 million ($66m) as of 1 December 2019, the statement said.

The subsidiary has an electricity generation licence from the city state's Energy Market Authority.

Hin Leong filed for court protection in Singapore last week under a mountain of debt.  The beleaguered company is reported to owe creditors around $4 billion.

Ship & Bunker News Team
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