Asia/Pacific News
Sumitomo Exits Singapore Bunker Business
Thursday January 14, 2021
Japanese oil firm Sumitomo Corporation is to exit its Singapore bunker fuel blending business and relocate its trading desks.
The company's crude and fuel oil trading desks will be moved to Sumitomo's Tokoyo base, according to a Reuters report.
A source familiar with the matter was cited in the report as saying that the move should be completed by April.
Sumitomo's Singapore unit Summit Energy & Resources, previously known as Petro Summit, will continue its oil trading business until the end of March, the Business Times reported.
Market competitiveness and company strategy, among other factors, were given by the source as prompting the decision to move out of the southeast Asian shipping and bunkering hub.
