(EnergyAsia, November 24 2014, Monday) — Singapore’s Universal Terminal Pte Ltd is looking to raise at least S$1 billion through a local share offering as a business trust that would make it the largest listed oil storage firm in Asia. (US$1=S$1.3).
Hin Leong Group, one of Asia’s largest family-owned oil traders, has a 65% stake in the company which owns and operates a 2.36-million cubic metre tank terminal on Jurong Island as well as trades, blends, stores and distributes petroleum products across the world. Hin Leong is owned by the family of Singaporean billionaire oil trader Lim Oon Kuin.
PetroChina, one of China’s largest oil companies, owns the remaining 35% in Universal Terminal’s S$750 million terminal which started up in 2008.
Universal Terminal is expected to launch its trust offering before the end of the year, capitalising on the continuing high demand for oil storage and blending services in Singapore.