According to sources, a fund owned by Macquarie is likely to acquire to acquire more than 40 per cent of Universal Terminal Pte from its existing shareholders.
Located on Jurong Island, Universal Terminal is one of the largest petroleum storage terminals in Asia Pacific. Its facilities include 78 storage tanks and 15 jetties, offering 2.33 million cubic metres of storage capacity.
Current shareholders in the company are Singapore oil trader Hin Leong Trading Ptd (65 %) and China’s biggest energy conglomerate PetroChina (35 %).
The deal’s value could reach $3 billion including debt and it could have been signed in late December- late January.
PetroChina has been looking for potential buyers for the sale of a minority stake in the company after it postponed a S$1 billion ($712 million) initial public offering in December 2015.
Last year, Macquarie took over a bulk liquid terminals operation in the United States for $1 billion. It also acquired a 45 per cent of Singapore’s Helios Terminal Corp, operating 18 oil storage tanks on Jurong Island