U.A.E.’s FAL Oil Faces Forced Tanker Sale to Repay DVB Loan
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FAL Oil Co., a United Arab Emirates-based energy trader that’s under U.S. financial restrictions for links to Iran, faces the forced sale of a fuel tanker held in Singapore to repay $57.6 million to DVB Bank SE.
U.A.E.-based Horizon Energy LLC intends to buy the vessel for $34.5 million, Gina Tan, the attorney representing FAL, said today at a hearing of the Singapore Supreme Court. A judge in the city state, where authorities have detained the ship since July, gave lawyers one week to arrange the sale.