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Interpol issues red notices for three Sinopec executives

 | March 21, 2017

The West Point Terminal was touted to be Southeast Asia's largest and was initially expected to be operational by mid-2016, but has faced a series of setbacks including a lawsuit filed by Indonesian shareholders in November.

SinopecJAKARTA: Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia.

“The three red notices have been published for those wanted people,” National Police spokesman Boy Rafli Amar said.

He said Indonesian authorities filed the request for Interpol assistance on Feb. 21 and identified the Sinopec executives named in the red notices as Zhang Jun, Feng Zhigang, and Ye Zhijun.

A Sinopec spokesman declined to comment.

The West Point Terminal was touted to be Southeast Asia’s largest and was initially expected to be operational by mid-2016, but has faced a series of setbacks including a lawsuit filed by Indonesian shareholders in November.

The project in Indonesia’s Batam free trade zone to the south of Singapore is 95-percent owned by Sinopec Kantons Holdings, a subsidiary of Sinopec.

Sinopec Kantons bought into the project in January 2012, aiming to develop a 2.6 million-tonne storage facility worth more than $800 million.

The project was delayed by several years due to slow demand for tank space, Reuters reported.

Sinopec’s only other Indonesian asset is an 18-percent stake in Chevron’s deep water project, bought in 2010.

Sinopec Kantons, which is one of Sinopec’s smallest subsidiaries, was not immediately available for comment.


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