Hin Leong's giant vessel operator Ocean Tankers set to close sale of lube plant to India's Hinduja unit

DEBT-HIT shipping giant Ocean Tankers of Singapore's failed Hin Leong empire is set to close the sale of its lubricant plant and storage facilities in Tuas to Gulf Oil International, a unit of Indian conglomerate Hinduja.

This would mark another milestone in the asset sales of the fallen iconic group, which key entities are under court-appointed managers.

The latest deal, led by Ocean Tankers' judicial managers (JMs), is understood to be worth US$36 million plus inventory and involves the entire lube plant as well as storage tanks and terminal facilities, The Business Times (BT) understands.