Singapore-based port operator Jurong Port will be taking over the Lim family’s shares of the Universal Terminal, according to Reuters who confirmed the development with three sources.
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.
“Jurong Port’s participation was well received by existing investors as it’s a neutral partner as compared with commercial parties such as a trading house,” said one of the sources, as quoted by Reuters.
The Universal Terminal is located in Jurong Island and has its own integrated marine infrastructure in the form of an independently owned supertanker jetty, and exclusive access to the rock caverns that house the first underground oil storage facility in ASEAN.
Manifold Times earlier reported Sinopec purportedly being interested in a stake for the Universal terminal in early April.
A portion of the oil stored at the Universal Terminal is being claimed by Sembcorp Cogen Pte. Ltd.
Photo credit: Jurong Port
Published: 11 February, 2021
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