Gulf Oil International has reached an agreement to acquire the lubricant blending plant with wharf access, storage tank farm and terminal facility in Tuas, Singapore from Ocean Tankers.
Mike Jones, CEO of Gulf Oil International, commented: “This facility provides a strategic opportunity for Gulf to invest further in the marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania. In addition, we will continue to support and grow the existing customer base of Ocean Tankers. We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post-closing.”
Ocean Tankers, the shipping arm of Hin Leong, was placed under interim judicial management in May with a swathe of assets being sold off in recent months.