Jurong Port tipped to take over giant oil storage facility

State-run Jurong Port is set to take over Universal Terminal, one of Singapore’s largest oil storage terminals, buying the shares held by the Lims, the family behind collapsed oil trader Hin Leong, according to a report from Reuters today.

Jurong Port has appointed an interim chief executive for the terminal and has started marketing the storage space informally, Reuters reported.

The Lims held a 41% stake in the terminal with other shareholders being PetroChina and Macquarie.

Jurong Port entered the oil storage business in 2019 in a tie-up with independent storage operator Oiltanking.

It’s almost 12 months since details of Hin Leong’s financial downfall first emerged, becoming the largest corporate collapse in Southeast Asia in 2020. Since the Lim family’s financial fallout, significant swathes of their business empire have been put up for sale, including a host of ships belonging to subsidiary Ocean Tankers.

Source: Splash 247