Mitsui to shift oil trading operations to Singapore

December 1, 2010

Japan-based Mitsui and Co. Ltd. said it has set up a fully-owned unit in Singapore to resume oil trading operations in the city state. The new unit is expected to start operations in the fiscal year starting April 2011. Mitsui and Co. closed its oil trading unit in Singapore in 2007, after it discovered unlawful trading activities by a trader of the unit. A company executive, who asked not to be named, said the Singapore unit will start trading crude oil and petroleum products in the April-June quarter of next year. (October 21, 2010)

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