Glencore targets Singapore for expansion
Glencore International AG will expand its trading operations in Singapore by buying more than half of Chemoil Energy Ltd.
Through Glencore’s unit Singfuel Investment Pte., 656.7 million Chemoil shares are to be purchased to give the commodity-trading company a secure position in the marine fuel market of Singapore. Pegged at $233 million, the sale of 50.8 percent of Chemoil will provide Glencore storage assets in Singapore and part ownership of the world’s biggest independent supplier of marine fuels.
Victor Shum, a senior principal at oil industry consultants Purvin & Gertz Inc., said, “If you look at bunker fuel throughput in Singapore there has been no impact at all from the economic crisis,” in a report by Bloomberg. “Chemoil also has hard assets in the form of storage that will help Glencore with their own trading positions,” added Shum.
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