Gulf Oil International Ltd, part of the Hinduja group, said it has reached an agreement to acquire the lubricant blending plant and associated facilities from Singapore’s Ocean Tankers Pte Ltd.

Ocean Tankers is one of a few companies owned by Singapore oil tycoon Oon Kuin Lim and his family that have been put under the management of court-appointed supervisors after the firms racked up billions of dollars of debt.

The facilities located at Singapore’s Tuas include wharf access, a storage tank farm and terminal facility, Gulf Oil said in a statement on its website dated Dec. 8. The company did not provide an investment figure.

The agreement is subject to closing conditions, Gulf Oil said.

EY, the judicial manager of Ocean Tankers, confirmed that OTPL signed an agreement with Gulf Oil for the lubricant blending plant and associated facilities subject to closing conditions.

Gulf Oil plans to continue to support and grow the existing customer base of Ocean Tankers, Mike Jones, chief executive officer of Gulf Oil International, said, adding that the facilities provided the company with an opportunity to 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,” he said.
Source: Reuters (Reporting by Florence Tan; Editing by Mark Potter)