Coastal Oil Singapore

Coastal Oil's liquidation unlikely to impact local banks, trigger O&G contagion: CGS-CIMB

SINGAPORE (Jan 10): CGS-CIMB Securities is maintaining OCBC and UOB at “buy” despite customer Coastal Oil Singapore having gone bust.

The company has outstanding debts of US$354 million, US$29.9 million which is owed to DBS, US$122.7 million to OCBC and US$19.5 million to UOB.

“We think that further widespread deterioration of the O&G sector following Coastal Oil’s liquidation is unlikely,” says CGS-CIMB analyst Andrea Choong.

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