GSS Energy gets a foot into oil trading
It inks deal with Dutch firm FinCo's unit AFCO to invest in a JV that will market and distribute mineral oil and crude oil products in Indonesia
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GSS Energy is moving into energy trading after inking a joint-venture (JV) deal with global oil trading company AFCO Energy. The firm on Monday inked an agreement with AFCO, a subsidiary of Dutch oil storage, trading and distribution firm FinCo, to invest in equal proportion in GSS-AFCO, which will market and distribute mineral oil and crude oil products in Indonesia.
Singapore-incorporated AFCO trades in physical energy products, including fuel oil, gasoil, diesel, liquid petroleum gas and its related components, and handled more than 1.4 million tonnes of products in financial year 2014.
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