Vitol was the 10th largest supplier by volume in Singapore last year. Image Credit: Vitol
Global commodity trader Vitol plans to expand its presence in the Asian and Middle Eastern bunker markets, seeing 'business opportunities' in them while other oil markets falter in the face of the COVID-19 crisis.
The company traded a total of 7.1 million barrels/day of crude and refined products in 2020, down from 8 million b/d the previous year, it said in a statement on its website on Tuesday.
"We see business opportunities in particular sectors, such as bunkering in growth markets, including Asia and the Middle East, and are expanding our offering to capture these," the company said.
The firm's Singapore marine fuels unit was listed as the city-state's 10th largest bunker supplier by volume last year after taking over Sinanju Tankers Holdings and renaming its Singapore unit. Sinanju had been the 14th largest on the list in 2019.
In Fujairah the company operates an 80,000 b/d refinery that is a key producer of VLSFO in the Middle East.