PetroChina asset seeks $800M in Singapore IPO


Singapore-based petroleum storage company Universal Terminal, 35% owned by PetroChina (NYSE:PTR), reportedly is looking to raise 1B Singapore dollars (US$800M) from an IPO in the next year.

The company, majority owned by Singapore billionaire Lim Oon Kuin's Hin Leong Group, is said to be talking to banks for a potential listing through a business trust, and is in the process of seeking approval from its shareholders including PTR.

An IPO would test investor appetite for trusts in Singapore, Asia's top venue for such stocks, at a time when demand is flagging.

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