Update: Cargill says it remains active in China and Singapore fuel oil
[SINGAPORE] Commodities trader Cargill will remain active in China and Singapore's fuel oil market, a company official said on Thursday, rebutting industry talk it had shut its trading desk for the oil product.
"Cargill is not closing its fuel oil desk in Asia, which has been part of a long-term stable business. We will continue to be active in Singapore and in China and are committed to growing our business and supporting customers in this region," a Cargill spokeswoman said.
The company's heavy distillate desk has seen several trader movements in the past year, triggering talk of a restructuring in its oil trading portfolio. Cargill last year hired Ray McMinn and Tan Shet Fern, who have since left the company, after trader Irwin Yip left in June.
The company, which has about 120,000 cubic metres of storage space at the Horizon Terminal, was last seen bidding for a 380-cst fuel oil cargo on May 7 during Platts' price assessment process in Singapore.
McMinn was not available and calls to Tan went unanswered.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop