Singapore port operator Jurong Port has completed the purchase of Hin Leong Trading Pte Ltd’s 41 per cent stake in Universal Terminal Currently, PetroChina International owns 25 per cent of the shares and MAIF Investments Singapore holds the remaining 34 per cent.
The terminal has storage capacity of 2.33 million cubic metres of oil along with deep water facilities that can dock two super-tankers. Acquisition of the storage terminal comes a year after oil trader Hin Leong accumulated almost USD 4 billion in debt and the courts announced sale of his assets.
Jurong Port is industrial property developer JTC Corp’s subsidiary and it entered the oil storage business in 2019.