Jurong Port ‘in advanced talks’ for stake in Lim family’s oil storage terminal

Jurong Port ‘in advanced talks’ for stake in Lim family’s oil storage terminal


Government-owned Jurong Port is “in advanced talks” to buy a stake in a petroleum storage hub from the family behind collapsed oil trader Hin Leong Trading, according to people with knowledge of the situation.

The deal is for the roughly 40 percent stake in Universal Terminal held by the family of Lim Oon Kuin, better known as O.K. Lim.

If the sale goes through, it could help monetise one of the biggest assets held by the Lim family, which is grappling with the fallout that’s hit Hin Leong amid allegations of fraud.

The former heavyweight in global marine fuel trading owes $3.5 billion to more than 20 banks in one of the biggest commodities scandals in decades, while some creditors and court-appointed managers have taken legal action against the family to recover the money.

Universal Terminal comprises the bulk of the Lims’ business assets, which also include the trading house and a fleet of vessels.

The storage hub counts PetroChina and Macquarie Asia Infrastructure Fund as its other shareholders.

For more information visit www.jp.com.sg

21st December 2020