Gulf Oil inks agreement to buy Ocean Tankers’ lubricants plant in Singapore
Gulf Oil International Ltd, part of the Hinduja group, said it has reached an agreement to acquire the lubricant blending plant and associated facilities from Singapore’s Ocean Tankers Pte Ltd.
Ocean Tankers is one of a few companies owned by Singapore oil tycoon Oon Kuin Lim and his family that have been put under the management of court-appointed supervisors after the firms racked up billions of dollars of debt.
The facilities located at Singapore’s Tuas include wharf access, a storage tank farm and terminal facility, Gulf Oil said in a statement on its website dated Dec. 8. The company did not provide an investment figure.
Gulf Oil to buy several assets from Hin Leong shipping arm for undisclosed sum
A unit of Indian conglomerate Hinduja group is buying several assets from bankrupt Hin Leong Trading’s shipping arm Ocean Tankers for an undisclosed sum.
The assets, including a lubricant blending plant with wharf access, a storage tank farm and a terminal facility in Tuas, will continue to operate as going concerns, the firm said on Tuesday (Dec 8), noting that the deal is subject to closing conditions.
Along with Hin Leong, which was founded by oil tycoon Lim Oon Kuin, Ocean Tankers came under full judicial management in August due in part to its exposure to potential claims of US$2.67 billion allegedly stemming from its dealings with the oil trader.
The company plans to invest further in marine segment.
The Hinduja Group’s Gulf Oil International Ltd has reached an agreement with Singapore-based tanker management company Ocean Tankers (PTE) Ltd to acquire a lubricant blending plant with wharf access, storage tank farm, and terminal facility.
The acquisition will create a regional hub for Gulf Oil International in Southeast Asia with a focus on Vietnam, Malaysia and Thailand, as well as Oceania.
The agreement is said to be subject to closing conditions.
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Gulf Oil International Ltd, part of the Hinduja group, will acquire the lubricant blending plant with wharf access, storage tank farm and terminal facility from Ocean Tankers (PTE) Ltd, located in the Tuas region of Singapore.