China’s largest state-owned oil and gas company, China Petroleum & Chemical Corporation (Sinopec) is now allegedly in talks with Singapore’s Hin Leong Trading (HLT) to acquire a stake in an oil storage terminal that is partly owned by HLT, according to Reuters.
The terminal is Universal Terminal located in Jurong Island and proves to be a valuable asset, having its own integrated marine infrastructure,an independently owned supertanker jetty, and exclusive access to the rock caverns that house the first underground oil storage facility in ASEAN, it reports.
Sinopec purportedly approached HLT for a stake in the terminal in early April, and is now evaluating the viability of the asset in terms of quality and price, being well aware of HLT’s current conundrum, according to an unnamed Sinopec official..
“Sinopec is aware of the good asset quality of Universal Terminal, but the question is at what price and if the terminal can come clean of creditors’ debt claims,” said the official, as quoted by Reuters.
The Universal Terminal is 41% owned by HKT through Universal Group Holdings Pte Ltd; 25% owned by Petrochina, and 34% owned by the Australian investment bank Macquarie.
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: The tamed shrew
Published: 23 April, 2020
PDS confirms after closing the positions concerned, it will realise a loss of about USD 310 million before taxes.
Bunkers sold at the republic totalled 3.87 million mt with significant increase in LS 380 cst sales, according to latest MPA data.
Three Hybrid Ro-Ro Ultra-Large Green vessels ordered back in 2018, and vessels are customised for heavy cargo and operation in cold climates, it said.
‘All personnel involved in a bunker delivery – barge crew, ship crew, or surveyors – are to minimize touching surfaces which may be contaminated,’ states IBIA.
New branding about catalysing mutual growth of organisation as well as stakeholders, says Chairman and Founder.
‘Strong pressure’ from the Korea Development Bank and Korea Eximbank has resulted in the development, says letter seen by Manifold Times.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
