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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.