Singapore-based fuel distributor Global Group has commenced construction on its first oil storage terminal in Timor-Leste, marking a significant expansion into the Southeast Asian market.
The company announced the start of the project on Sunday, July 12, with an investment of US$10 million.
This move represents a strategic deepening of Global Group’s footprint in the region, targeting emerging energy demand in Timor-Leste.
The development coincides with reports that the company is exploring a potential listing on the Singapore Exchange.
A public listing could provide Global Group with the capital necessary to fund further infrastructure projects and expand its distribution network across Southeast Asia.
Investors will be watching to see if the company formalizes its IPO plans in the coming months.