Singapore: Chemoil has sold Helios Terminal in Singapore to German firm Oiltanking for $285m. The 448,000 cu m Jurong Island facility was bought by Chemoil in 2007 for $100m.
“The company believes that structural changes that have occurred in the marine fuels market will in the future favour an asset-light business model that is more able to respond quickly to volatility in volumes and margins. The proposed disposal is therefore being carried out to make more efficient use of the company's resources by re-allocating funds currently tied up in storage assets into businesses and working capital,” Chemoil said. [10/10/12]