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Potential reprieve for Hin Leong as Sinopec eyes oil terminal

Reuters
Reuters4/23/2020 5:4 PM GMT+08  • 3 min read
Potential reprieve for Hin Leong as Sinopec eyes oil terminal
With Hin Leong owing $3.85 billion to 23 banks, a deal with Sinopec could help rebalance the firm's balance sheets.
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(Apr 23): 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 US$3.85 billion (S$5.498 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.

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