Americas News
Brightoil to "Restart" Houston Trading Activities
Brightoil Petroleum Holdings Limited [HKG:0933] (Brightoil) plans to restart its trading activities in Houston so it can establish a trading presence in Western markets, the company said in its recent earnings report.
The company's former head of U.S. trading operations, Vince Matassa, had resigned in June last year, and he was followed by a number of other high profile departures including Brightoil's global head of trading and its Singapore head of fuel oil trading.
But the company said in September 2012 that the Houston office was still part of its crude oil trading plans.
It started trading physical crude oil cargoes from Singapore in October 2012, and says it also started a new trading hub in Geneva in 2013.
"These offices will provide the Group with market intelligence and information as well as support its long term vision of developing a competitive multi-product global oil trading business," it said in the report.
Looking ahead, Brightoil said it expects the trading conditions in the oil markets "to remain very competitive and volatile throughout 2013."
The company recently reported that its bunker sales had fallen 37 percent year-over-year, but it has plans to expand its bunkering business, particularly in China.
