Gulf Oil buys Ocean Tankers’ Singapore assets

Gulf Oil International has bought Ocean Tankers’ lubricant blending plant, storage tank farm, terminal facilities and wharf access in Tuas Port in Singapore.

Gulf Oil, which is part of the Hinduja Group, will operate the site as a going concern. Ocean Tankers was placed under interim judicial management by the courts earlier this year, along with several other companies owned by parent company Hin Leong Trading, which racked up large debts. The deal is subject to closing conditions. Financial details have not been revealed.

‘This facility provides a strategic opportunity for Gulf to invest further in the marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania. In addition, we will continue to support and grow the existing customer base of Ocean Tankers (PTE) Ltd. We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post-closing,’ says Mike Jones, CEO of Gulf Oil International.

Source: Tank Storage Magazine