International Energy Group to start crude oil trading

Singapore

SINGAPORE-based trading startup International Energy Group (IEG) this year plans to expand its portfolio to crude oil from products such as pe-trol and gas oil, looking to tap growing Chinese demand.

World No 2 oil consumer China posted record crude import growth in 2016 on demand from independent refiners, with shipments expected to increase again this year. "We will probably look at importing crude and some light components (such as ethy-lene) from the West, particularly the US," Artun Gursel, the company's book leader and trading manager, said on Tuesday. He is IEG's sole trader.