, Singapore

China's Sinopec in talks to buy stake in Hin Leong's terminal

The sale could provide much needed cash for the family-owned oil giant.

Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, three sources with knowledge of the matter told Reuters.

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 $3.85b to 23 banks and has applied to a Singapore court to delay its debt repayments, according to a Hin Leong presentation to lenders on 14 April contained in the court filing, which was reviewed by Reuters but has not been made public.

Hin Leong approached Sinopec, Asia’s largest refiner, 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 Universal Group Holdings.

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