BPCL to open trading office

Bharat Petroleum Corporation Ltd. (BPCL) has decided to set up a wholly owned subsidiary in Singapore for trading and procurement of crude oil and petroleum products, shipping and derivatives. The move will make India’s state-owned company the country’s first oil refining and marketing company to have its own overseas trading arm for crude oil and petroleum products in Singapore, the world’s largest trading, refining and bunkering center. The wholly owned unit will be mandated to do 20% of BPCL group’s proprietary volumes for spot crude and petroleum products. (July 27, 2006)