C1 Energy (Shanghai) – Mar 9, 2010 －－－Japan's Mitsui & Co Ltd plans to rebuild oil trading branch in Singapore in 2011, said industry sources.
When interviewed by C1 Tuesday, a source with Mitsui said this saying was widespread in the company, but no substantial progress has been made so far.
Mitsui's petroleum swaps and physical trading in Singapore was operated by its headquarters in Tokyo at present, including low-sulfur wax residue, bunker fuel oil and crude, the source introduced.
Mitsui shut Singapore unit Mitsui Oil Asia and withdrew most petroleum trading in the country in 2007, due to heavy naphtha trading-related losses.
Mitsui is mainly engaged in crude imports, refining and sales of petroleum products. Mitsui Oil Asia was established in 1994, specializing in futures trading of petroleum products.
