China's Sinopec in talks to buy stake in Hin Leong's Singapore terminal - sources [Reuters]
PetroChina Company Limited (PTR)
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Source: Reuters
China's Sinopec in talks to buy stake in Hin Leong's Singapore terminal - sources SINGAPORE, April 22 (Reuters) - Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading Pte Ltd to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter. The sale could provide much needed cash for family-owned Hin Leong, one of Asia’s biggest independent traders. The company owes a total of $3.85 billion to 23 banks and has applied to a Singapore court to delay its debt repayments, according to a Hin Leong presentation to lenders on April 14 contained in the court filing, which was reviewed by Reuters but has not been made public. Sinopec, Asia’s largest refiner, was approached by Hin Leong earlier this month to look at investing in the Universal Terminal in Singapore, said one Beijing-based Sinopec official. Hin Leong’s founder Lim Oon Kuin and his family own 41% of the terminal through Un
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