Japan’s Mitsui to start oil trading in Singapore

TOKYO, Oct 21 (BestGrowthStock) – Mitsui & Co Ltd (8031.T: ), Japan’s
second-biggest trading house, said on Thursday it has set up a
new oil trading subsidiary in Singapore and aims to start trading
oil products and crude oil in the city-state in the financial
year beginning April 2011.

The firm closed its previous Singapore trading arm, Mitsui
Oil Asia (MOA), in 2007 after suffering around $81 million in
naphtha trading losses and had since limited its trading to crude
and low-sulphur waxy residue (LSWR) from its Tokyo headquarters.
(Reporting by Osamu Tsukimori in TOKYO and Florence Tan in
SINGAPORE; Editing by Joseph Radford)

Japan’s Mitsui to start oil trading in Singapore