The owners of FAL Oil Co., a UAE-based energy trader, were granted approval by a Singapore court to buy back one of the company’s tankers being held in the city state amid a debt dispute with DVB Bank SE.
Justice Lai Siu Chiu gave permission at a hearing on Friday for DVB to sell the Khorfakkan to UAE-based Horizon Energy, which is wholly owned by Gulf General Investment Co., the holding company of the Al Sari family that also runs FAL Oil. The $34.5 million sale will help repay a loan linked to FAL Oil’s purchase of the ship.
FAL, placed under US financial restrictions this year for its links to Iran, faces the forced sale of the tanker to repay $57.6 million (Dh211.8 billion) owed to DVB. Frankfurt-based DVB, which loaned $62.4 million to FAL in July 2010, sued the trader and sought the seizure of the Khorfakkan after telling the company it had defaulted. The credit financed that ship and the Al Buhaira, both Aframax tankers capable of transporting about 80,000 to 100,000 metric tonnes of oil.
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