Wednesday, December 16, 2020

A Strategic Asset: "Singapore port in advanced talks for Lim family’s terminal stake"

China's Sinopec was sniffing around this first-rate bit of infrastructure:

The corporate brochure says 2.33 million cubic meter capacity which, our handy calculator tells us, is 14.65 million barrels. Plus room for some big boats.
By comparison Cushing Oklahoma's capacity is only 5 times that (assuming effective capacity is 85% of 'shell' capacity).
And no big boats.

Our comment at the time was "Talk about a strategic asset, strategically located: SINGAPORE, DO NOT ALLOW THIS!!"

 From Malaysia's The Star, December 17:

Singapore’s state-backed operator Jurong Port Pte is in advanced talks to buy a stake in a petroleum storage hub from the family behind collapsed oil trader Hin Leong Trading Pte, according to sources.

The deal is for the roughly 40% stake in Universal Terminal held by the Lim family, the sources said.

The sale would still need to win support from Hin Leong’s creditors, a source said.

It is unclear if other bidders who were previously exploring their own deals are still challenging Jurong Port for the stake....


Sometimes frauds have very long tails.

And from The Star, December 15: 

Hin Leong’s Lim family and BP sued for US$313mil by Bank of China

SINGAPORE: Bank of China has sued BP in Singapore, and Hin Leong Trading founder Lim Oon Kuin and his two children, for a total of US$312.9mil (S$417.6mil) in the latest effort by a creditor to recover losses after one of the biggest trading scandals in decades.

The Chinese bank requested that BP repay US$125.7mil that it withdrew from the lender earlier this year based on sales of gas oil cargoes to Hin Leong, according to documents provided by the Supreme Court of Singapore. The deals were part of a “fictitious purchase scheme conspiracy” to maintain Hin Leong’s liquidity since no real transactions took place, the bank said....MORE

Platts: "After Hin Leong: collapse of a Singaporean oil prodigy"

Unit of Singapore's Defunct Hin Leong Trading, Ocean Bunkering, Sees Licences Pulled, Ocean Tankers Wants To Give Up Ships

And many, many more.