Platts acquires Singapore's marquee oil event Appec
New owner intends to increase Appec's visibility in global markets
Singapore
THE Asia Pacific Petroleum Conference (Appec), an annual marquee event held in Singapore, will now come under the wing of oil reporting agency Platts.
Platts, a division of New York-listed information provider The McGraw-Hill Financial, said on Monday that it has acquired the conference from event organiser Ace Conferences and Events for an undisclosed sum.
Appec, which started 32 years ago, is a major event on the global oil trading circuit. Along with the conference, which sees 250-300 participants, oil trading companies also hold networking events and meetings which, according to Ace Conferences and Events, draw about 3,000 people to Singapore.
Platts said that the acquisition reflects its commitment to further increasing its footprint in Singapore and Asia, where it already has a headcount of 200 across editorial, products, sales, marketing and conferences.
"Asia is the fastest growing oil market globally, with trade flows continuing to shift towards the region. China is looking to exert itself in the global oil markets," noted Sarah Whipp, Platts vice-president of global marketing, conferences and communications.
Appec has become a "a cornerstone of the pan-Asian oil community's annual interactions", she said, adding that the acquisition would provide Platts with "increased access to and engagement" with this community.
Platts said it intends to increase the visibility of the event in global markets and use it to create an Asia-Pacific flagship event for the firm, akin to the Platts London Oil Forum.
"We will use our own extensive conference expertise to create more robust programme content, secure more senior speakers, help broaden the visibility of Appec to a global audience, and to attract additional attendees," said Ms Whipp. The agenda for the event will be set by the firm's global experts, aligning it with its other regional events, she added.
International Enterprise (IE) Singapore, the government agency responsible for developing the commodity trading sector in Singapore, noted that events like Appec enhance Singapore's status as a leading oil trading hub, bringing together industry players to exchange ideas and structure deals.
"Platts' experience and knowledge in the oil industry should enhance the contents of Appec and ensure its continued relevance for the energy sector," said IE trade promotion group director Amreeta Eng.
Appec was the flagship event for Ace Connections and Events, which is fully owned by its founder Patrick Soh. The company will now focus on organising smaller energy-related forums and workshops, Mr Soh told BT.
