Sembcorp unit begins legal proceedings against Hin Leong for gasoil reserves

The court has ordered to restrain Hin Leong’s affiliate from moving the reserves.

Sembcorp Industries’ wholly-owned subsidiary Sembcorp Cogen has begun legal proceedings in the High Court to assert its ownership of the gasoil reserves stores at Hin Leong Trading’s (HLT) affiliate Universal Terminal, according to a press release.

The group noted that there is a possibility that the gasoil reserves designated for Sembcorp Cogen may be subject to competing claims by one or more third parties.

For the meantime, Sembcorp Cogen has obtained an order from the court to restrain Universal Terminal from moving, removing or disposing of any of the reserves, and to ensure that such reserves are stored separately from any other gasoil.

Sembcorp Cogen purchased from HLT gasoil reserves to fulfil certain regulatory requirements under Sembcorp Cogen’s electricity generation licence. HLT stored and managed these reserves on behalf of the company.

On 22 April, Sembcorp Cogen terminated this gasoil supply and storage (GSS) agreement. https://sbr.com.sg/economy/news/daily-briefing-sembcorp-subsidiary-terminates-deal-hin-leong-new-circuit-breaker-deemed

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