April 27, 2020 / 12:10 AM / a month ago

Sembcorp says unit begins proceedings against Hin Leong affiliate over gasoil deal

April 27 (Reuters) - Sembcorp Industries on Monday said its unit Sembcorp Cogen had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Universal Terminal, an affiliate of oil trader Hin Leong Trading Pte Ltd.

Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading, which is being monitored by Singaporean authorities.

Sembcorp Cogen on April 24 obtained a court order to restrain Universal Terminal from moving, removing or disposing of any of the gasoil reserves it claims, and to ensure that the reserves are stored separately from any other gasoil, the parent company said in its Monday statement.

“There is a possibility that the reserves designated for Sembcorp Cogen may be subject to competing claims by one or more third parties,” Sembcorp Industries said. (Reporting by Rashmi Ashok in Bengaluru; Editing by Tom Hogue)

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