Sinopec Kantons acquires West Point

By Romel S. Gurky

Sinomart Development Ltd., a wholly owned unit of Sinopec Kantons Holdings Limited, has agreed to purchase 95 percent stake in PT West Point from PT Mas Capital Trust (MCT) and PT Batam Sentralindo (PBS) for Rp4.75 billion.

Before the agreement, which was signed on Tuesday, West Point was 80 percent and 20 percent owned by MCT and PBS, respectively, Sinopec said in a filing to the Hong Kong Stock Exchange.

After the agreement, PBS will have the remaining 5 percent stake in West Point.

The acquisition is in line with the Sinopec?s business development strategy of providing crude oil and oil terminal and related logistics services and expanding into overseas markets.

West Point plans to construct an approximately 2,600,000-cubic-meter crude oil and petroleum products storage, and oil blending complex, and supporting quay and port facilities, and other ancillary facilities in the West Point Maritime Industrial Park in Batam.

Editing by Dadan Wijaksana