Singapore govt takes control of Hin Leong stake in storage terminal

Dubai, UAE (Quantum Commodity Intelligence) - Government-owned port operator Jurong Port has completed the acquisition of a stake in a major oil terminal owned by the family of the collapsed oil trader Hin Leong, according to local media reports in Singapore Monday.

Jurong Port announced it had completed the purchase of a 41% stake in the Universal Terminal from the Lim family, but did not got into further details of the transaction.

The terminal was valued at more than $1.5 billion in 2016, following last reported sale of a stake in the terminal.  

Hin Leong, once Singapore largest independent oil trading company, collapsed in spectacular fashion during the second quarter of 2020, having run up around USD 4 billion of trading debts.

Earlier in March, the Singapore High Court approved the winding up of Hin Leong.

The transfer of the Universal Terminal stake largely completes the exit of the Lee family, headed by the self-made tycoon Lim Oon Kuin, from the oil industry.

Hin Leong had been one of Asia's top refined products traders for the past three decades; particularly active in gasoil, jet fuel and gasoline, plus a major supplier of bunker fuel to the shipping industry.