Energy giants Vitol, Sinopec eye Hin Leong's oil storage terminal

Universal Terminal in Jurong is owned by Lim family behind Hin Leong; other shareholders PetroChina, Macquarie fund have first right of refusal

Anita Gabriel

Published Thu, Apr 23, 2020 · 09:50 PM

Hin Leong

Singapore

AS Singapore's Hin Leong grapples with a debt fallout of nearly US$4 billion and a police probe into the company, its oil storage terminal on Jurong Island that is the size of 60 standard football fields is fast becoming a coveted asset.

The latest to be drawn to Universal Terminal (UT) is energy and commodities giant Vitol Group, according to sources. Industry watchers say part of the attraction of UT may be related to Vitol's part-owned global storage terminal owner and operator VVTI.

Vitol joins several other industry titans in the early stages of exploring a UT stake purchase. The parties reportedly include China's state-run Sinopec - the world's largest refiner by capacity…