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Cargill shuts fuel oil trading desk in Asia
[SINGAPORE] Global commodities trader Cargill has closed its fuel oil desk in Asia after both its traders left the company, industry sources said on Thursday.
The heavy distillate desk has seen several trader movements in the past year, triggering talks of restructuring in its oil trading portfolio. Cargill hired Ray McMinn and Tan Shet Fern - who have left the company - last year after its former trader, Irwin Yip, left in June.
The company still has a fuel oil desk in Geneva, Switzerland, though the company's scale in fuel oil trading has reduced, with no traders for that oil product in Asia for now, said a source at the company, who declined to be named as he was not authorised to speak with the media.
The company, which has about 120,000 cubic meters of storage space at Horizon Terminal, was last seen bidding for a 380-cst fuel oil cargo on May 7 during Platts' price assessment process in Singapore.
Cargill could not be reached for an official comment. Mr McMinn was not available and calls to Ms Tan were unanswered.