INDONESIA

Indonesian police say Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to the US$800-million Sinopec oil terminal development in Indonesia. 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 just south of Singapore is 95% owned by Sinopec Kantons Holdings, a subsidiary of the Chinese oil company. Sinopec Kantons bought into the project in January 2012, aiming to develop a 2.6-million-tonne storage facility.