Singapore-based port operator Jurong Port on Saturday (20 March) reportedly completed its acquisition of the Lim family’s shares of the Universal Terminal.
The Lim family, specifically Lim Oon Kuin, Evan Lim Chee Meng and Lim Huey Ching, owns 41% of the Universal Terminal through Universal Group Holdings.
A 2016 transaction for a stake in the terminal purportedly valued the entire facility upwards of $1.5 billion at the time.
Other current stakeholders include PetroChina International Singapore 25%, and MAIF Investments Singapore (part of the Macquarie Group) 34%.
The terminal boasts 2.33 million cubic metres of oil storage capacity with deepwater berthing facilities that allows two supertankers to dock at the same time and has exclusive access to the rock caverns that house the first underground oil storage facility in ASEAN.
Manifold Times earlier reported a portion of the oil stored at the Universal Terminal was being claimed by Sembcorp Cogen Pte. Ltd.
Related: Singapore: Jurong Port to acquire 41% of Universal Terminal, reports Reuters
Related: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Photo credit: Jurong Port
Published: 22 March, 2021
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