Japan Mitsui completes liquidation of Mitsui Oil Asia Singapore

09-May-11

Japanese trading house Mitsui & Co. completed liquidation of Mitsui Oil Asia Singapore in March this year, as per Platts. MOA Singapore had incurred huge losses in naphtha trading in 2006, which was discovered by the company that liquidated the positions, and losses snowballed to US$81 mln. Mitsui decided to liquidate MOA Singapore in February 2007. Meanwhile, Mitsui started operations at its new oil trading affiliate in Singapore. The company, Mitsui & Co Energy Trading Singapore Pte. Ltd was set up in October 2010. The affiliate, wholly owned by Mitsui & Co, will trade clean petroleum products.