Jurong Port completes takeover of 41% stake in Universal Terminal

SINGAPORE port operator Jurong Port has completed its acquisition of Universal Terminal, a commercial storage facility on Jurong Island and a prized asset of entities owned by the Lim family of failed Hin Leong Group, making it the largest independent oil storage operator in Singapore.

A spokesperson from Jurong Port confirmed to The Business Times (BT) that the acquisition of a 41 per cent stake in the giant oil terminal was done but declined to comment on the price tag.

The deal vaults Jurong Port's position in the oil storage business. Two years ago, the port operator set up Jurong Port Tank Terminals (JPTT) under a tie-up with German firm Oiltanking, with the aim of boosting the city-state's status as a key port for the supply of clean maritime fuel.