July 8, 2021

Gulf Oil buys Hin Leong shipping arm’s lubricant plant for $48.6 million

By ellen

SINGAPORE – A unit of Indian conglomerate Hinduja Group has acquired several assets from bankrupt Hin Leong Trading’s shipping arm Ocean Tankers for US$36 million plus inventory, The Straits Times understands.

Ernst & Young (EY), the judicial manager of Ocean Tankers, told ST on Thursday morning (July 8) that the sale of Ocean Tankers’ lubricant business, including its lubricant blending plant, storage tank farm, terminal facility in Tuas and certain other assets, to Gulf Asia-Pacific has been completed.

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